Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Affordable Housing Agreement
Purpose: Construction of affordable rental housing project (5-story 70 unit residential housing project restricted and affordable to senior citizens)
Entity Name: Springfield Village Senior Residences, L.P.
Entity Address: 77 Park Street, Montclair, NJ 07042
Contract Amount: $1,000,000.00 (20 yr. Mortgage Note)
Funding Source: City of Newark Budget (U.S. Department of Housing and Urban Development /Federal HOME Program Funds)
Total Project Cost: Information not provided
Other Funding Source/Amount: New Jersey Housing and Mortgage Finance Agency (HMFA)
Contract Period: Twenty Four (24) months from agreement execution
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant (X) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
313-329 Fifteenth Avenue/ 253/ 1, 2, 3, 4, 5, 6, 7, 9 and 10/CW
253-259 Bruce Street/ 253, 12, 14, 16, 18/CW
Additional Information: N/A