Title
Dept./ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Subordination Agreement to facilitate financing for The Newark Land Bank's Section 8 Homeownership Program
Purpose: Authorizing an Agreement to Subordinate the City's Reverter Rights in order to permit financing necessary for the construction of sixteen (16) two-family and three-family homes for sale to low and moderate income households for Newark Land Bank's Section 8 Homeownership Program.
Entity Name: Invest Newark, a NJ Non-Profit Corporation
Entity Address: 111 Mulberry Street, Lower Level, Newark, New Jersey 07102
Sale Amount: $0.00
Cost Basis: ( ) $ PSF ( ) Negotiated (X) N/A ( ) Other:
Assessed Amount: $0.00
Appraised Amount: $0.00
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:
(Address/Block/Lot/Ward)
See Exhibit A - Property Vitals
Additional Information:
Ordinance 6PSF-g adopted on October 16, 2019 established the Land Bank.
Ordinance 6PSF-a adopted on April 7, 2020, designated Invest Newark as the Land Bank Entity for the City of Newark, New Jersey.
Ordinance 6PSF-r adopted on November 5, 2020, authorized the execution of a Trust Agreement between the City of Newark and Invest Newark.
Resolution 7R2-a adopted on October 19, 2022, authorized Invest Newark to acquire, maintain and dispose of certain city-owned blighted, vacant and abandoned properties not needed for public use.
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WHEREAS, pursuant to Ordinance 6PSF-g adopted on October 16, 2019, the Newark Municipal Council ("Municipal Council") established the Land Bank of the City of Newark; and
WHEREAS, pursuant to Ordinance 6PSF-a, adopted on April 7, 2020, the Municipal Council designated Invest Newark a...
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