Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Execute a Deed Restrictive Affordable Housing Agreement for HOME ARP Funds Purpose: To authorize the execution of a Deed Restrictive HOME ARP Affordable Housing Agreement with Fairmount Commons Urban Renewal Associates, L.P., for the construction of two (2) new residential affordable housing buildings that will consist of seventy (70) residential rental units (the “Project”), eleven (11) of which such units shall be subsidized by the City, designated as HOME ARP Program Units and serve households who are homeless or at risk of being homeless (as defined in 24 C.F.R. §91.5 as part of the HOME ARP Program) having annual incomes of 30% or less of Area Median Income (“AMI”) as determined using the standards set by the Department of Housing and Urban Development (“HUD”) for the HOME ARP Program. Entity Name: Fairmount Commons Urban Renewal Associates, L.P. Entity Address: 77 Park Street, Montclair, New Jersey 07042 Grant Amount: $2,343,357.00 Funding Source: Federal HOME ARP Program Funds Contract Period: HOME ARP 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) 381-395 South Orange Avenue (Block 1784, Lot 35) (West Ward) of the Tax Map of the City of Newark, County of Essex, State of New Jersey, and 331 - 335 South 11th Street (Block 1784, Lot 6 (formerly Lots 6, 7 and 8) (West Ward) Additional Information:

What this record is

Held by

Fairmount Commons Urban Renewal Associates

Amount

$2.34M

Runs until

Not stated in the agenda text — the term is normally in the signed agreement, attached to the original item ↗

Type

amendment

Field

Construction

construction contracts in NJ that end within a year →
Governments publish the end date in the award. That date is when the work goes back out to bid, and it is usually stated years ahead.

Read automatically from the title of the official record. The source document below is authoritative.

Committee

Economic and Housing Development

Introduced

July 10, 2024

On agenda

August 7, 2024

Passed

August 7, 2024

Where it was heard

Municipal Council Aug 7, 2024 Adopt Pass

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