Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Affordable Housing Agreement for HOME Funds
Purpose: To authorize the execution of a Deed Restrictive HOME Affordable Housing Agreement.
Entity Name: Thomas Street Urban Renewal, LLC
Entity Address: 300 Wilson Avenue, Newark, New Jersey 07105
Grant Amount: $2,200,000.00
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)
184-194 Thomas Street/Block 1164, Lot 11/East Ward
Additional Information:
To construct a new five-story residential affordable housing building that will consist of (52) senior age-restricted affordable residential rental units, (11) shall be designated by the City as HOME Program deed-restricted affordable housing units for use and occupancy by extremely low-income senior citizens and elderly persons and households earning 30% or less of Area Median Income (AMI), for property located at 184-194 Thomas Street (East Ward).
body
WHEREAS, the City of Newark, New Jersey (the "City"), desires to enter into and execute a Deed Restrictive Affordable Housing Agreement (the "AHA") with Thomas Street Urban Renewal LLC (the "Entity"), having its principal place of business at 300 Wilson Avenue, Newark, New Jersey 07105, subject to the express condition that the Entity purchases and acquires fee simple title to the Property, which shall be defined as having complete and permanent ownership of the land, as well as any buildings on that land through a deed recorded with the Essex County Registrar's Office ; and
WHEREAS, th...
Click here for full text