24-1057

Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Execute an Affordable Housing Agreement for HOME funds. Purpose: To authorize the execution of a Deed Restrictive HOME Affordable Housing Agreement with Ascension Capital Partners I LLC, for the construction of a new residential affordable housing building that will consist of sixteen (16) residential rental units (the “Project”) upon real property located at 41-47 Astor Street (East Ward) of the Tax Map of the City of Newark, County of Essex, State of New Jersey 07114 (Block 2812, Lots 22, 23 and 24) (the "Property) Entity Name: Ascension Capital Partners I LLC Entity Address: 59 Lincoln Park, Suite 200, Newark, New Jersey 07102 Grant Amount: $625,000.00 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) 41-47 Astor Street (East Ward) of the Tax Map of the City of Newark, County of Essex, State of New Jersey 07114 (Block 2812, Lots 22, 23 and 24) Additional Information:

Resolution Adopted Introduced July 25, 2024

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