Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Supporting a Grant Application
Purpose: To support the New Jersey Department of Community Affairs Affordable Housing Trust Fund Application for funding to construct a new four (4) story, multi-family residential low-rise building consisting of nineteen (19) units of affordable housing.
Entity Name: Rising Plains, LLC
Entity Address: Hillside, New Jersey 07205
Grant Amount: $4,791,809.00
Funding Source: New Jersey Department of Community Affairs Affordable Housing Trust Fund
Total Project Cost: $5,391,809.00
City Contribution: $0.00
Other Funding Source/Amount: Private lender
Contract Period: Not Applicable
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
List of Property: (if applicable)
(Address/Block/Lot/Ward)
475-481 So. 16th Street/Block 327/Lot 15/West Ward
Additional Information:
Deferred 7R2-p 040523
body
WHEREAS, Rising Plains, LLC (the "Entity") seeks to apply for and obtain funds from the New Jersey Department of Community Affairs, Affordable Housing Trust Fund ("Program") for approximately Four Million Seven Hundred Ninety-One Thousand Eight Hundred Nine Dollars and Zero Cents ($4,791,809.00) or an amount not to exceed the maximum amount allowed in accordance with N.J.A.C. 5:43-1.1 et seq., for the purpose of developing a new four (4) story, multifamily residential low-rise building consisting of 19 units of affordable housing, to be located at 475-481 South 16th Street and commonly known on the Official Tax Map of the City of Newark as Block 327, Lot 15, and referred to as the Homes@Parkwest (the "Project"); and
WHEREAS, all of the 19 units of affordable housing within the Project will be for individuals and famil...
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