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 449 WASHINGTON STREET URBAN RENEWAL CO, LLC., for the construction of a new residential affordable housing building that will consist of ten (10) affordable rental units (the “Project”) upon real property located at 449 Washington Street (Central Ward) of the Tax Map of the City of Newark, County of Essex, State of New Jersey 07114 (Block 115, Lot 15) (the "Property) Entity Name: 449 WASHINGTON STREET URBAN RENEWAL CO. LLC Entity Address: 27 Austin Street, Newark, New Jersey 07114 Grant Amount: $1,000,000.00 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) 449 Washington Street (Central Ward) of the Tax Map of the City of Newark, County of Essex, State of New Jersey 07114 (Block 115, Lot 15) Additional Information:

Resolution Adopted Introduced October 3, 2024

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