Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Execute a Community Benefits Agreement Purpose: To authorize the execution of a Community Benefits Agreement. Entity Name: Forest Hill House Preservation Urban Renewal, LLC and AHI Forest Hill House, NP, LLC Entity Address: 650 5th Avenue, 20th Floor, New York, New York 10019/ 2820 Selwyn Avenue, Suite 690, Charlotte, North Carolina 28209-2820 Funding Source: Aspire Program Act, N.J.S.A. 34:1B-322 et seq. 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) 501-507 Mount Prospect Avenue/Block 628/Lot 13/North Ward Additional Information: The Community Benefits Agreement between the City of Newark, Forest Hill House Preservation Urban Renewal, LLC, AHI Forest Hill House, NP, LLC, and the New Jersey Economic Development Authority as a condition of receiving tax credits incentives under the Aspire Program Act, N.J.S.A. 34:1B-322 et seq., towards rehabilitating a ten (10) story, (100) unit, 100% senior-occupied affordable elevator building consisting of (100) housing rental units comprised of eighteen (18) studios, eighty-one (81) one-bedroom units, and one (1) two-bedroom superintendent unit, all of which shall be restricted to tenants at 60% of Area Median Income (“AMI”) (collectively referred to as “Income Restricted Units”), a partial basement, multiple common spaces on the first floor, and twenty-five (25) on-site parking spaces reserved for building residents located at 501-507 Mount Prospect Avenue, Newark, New Jersey 07104, also referred to as Block 628, Lot 13 on the Official Tax records of the City of Newark, New Jersey 07104. A Public Hearing will be held on Thursday, November 7, 2024 in City Hall, Council Chamber at 12:30 P.M.

Resolution Adopted Introduced October 28, 2024

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