Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Affordable Housing Agreement for Federal HOME funds
Purpose: To authorize the execution of an Affordable Housing Agreement with Rubix International Limited Liability Company.
Entity Name: Rubix International Limited Liability Company
Entity Address: 24 Commerce Street, Suite 1420, Newark, New Jersey 07102
Grant Amount: $195,000.00
Funding Source: Federal HOME Program Funds
Contract Period: HOME Program 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)
320-322 Hawthorne Avenue/Block 3612/Lot 4/South Ward
Additional Information:
The entity will construct a new multi-family residential and affordable housing development consisting of three (3) affordable housing rental units (all HOME subsidized), upon property located at 320-322 Hawthorne Avenue (Block 3612, Lot 4) (South Ward) of the Official Tax Map of the City of Newark, County of Essex, State of New Jersey.
Deferred 7R2-n 040523
Deferred 7R2-I 041923
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WHEREAS, the City of Newark (the "City"), desires to enter into and execute a Deed Restrictive Affordable Housing Agreement (the "AHA") with Rubix International Limited Liability Company (the "Entity"), 24 Commerce Street, Suite 1420, Newark, New Jersey 07102; 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 One Hundred...
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