Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Affordable Housing Agreement for Federal HOME Loan
Purpose: To authorize the execution of an Affordable Housing Agreement with Project Live, Inc.
Entity Name: Project Live, Inc.
Entity Address: 465-475 Broadway, Newark, New Jersey 07104
Grant Amount: $812,625.00
Funding Source: Federal HOME Program Funds
Contract Period: HOME Funds must be expended within forty-eight (48) months from the date of adoption
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale (X) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
457 Broadway/Block 619/Lots 1, 2, 3, and 4/North Ward
Additional Information:
The entity will renovate an existing three (3) story supportive housing development consisting of nine (9) supportive housing rental units for extremely low-income special needs individuals, who are diagnosed with a serious and persistent mental illness (9 HOME subsidized), upon property located at 457 Broadway (Block 619; Lots 1, 2, 3, and 4) (North Ward) of the Official Tax Map of the City of Newark, County of Essex, State of New Jersey
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WHEREAS, the City of Newark, New Jersey (the "City"), desires to enter into and execute a Deed Restrictive Affordable Housing Agreement (the "AHA") with PROJECT LIVE, INC. (the "Entity"), 465-475 Broadway, Newark, New Jersey 07104; and
WHEREAS, the City desires to provide the Entity with Federal HOME Program Funds in the form of a deferred zero percent (0%) interest-bearing loan for a period of twenty (20) years pursuant to the Federal HOME Loan Program (24 C.F.R. Part 92) and any amendments thereto; and
WHEREAS, the AHA is for the amount of EIGHT HUNDRED TWELVE THOUSAND SIX HUNDRED TWENT...
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