24-1597

Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Execute Affordable Housing Agreement for HOME funds Purpose: To authorize the execution and delivery of a Deed Restrictive HOME Affordable Housing Agreement with Washington Bay Group 1 LLC, for the construction of five (5) new two-family homes consisting of a total of ten (10) three-bedroom residential rental units (the “Project”) upon five (5) parcels of real property located at 719 South 11th Street (Block 2631, Lot 5), 721 South 11th Street (Block 2631, Lot 6), 723 South 11th Street (Block 2631, Lot 53), 725 South 11th Street (Block 2631, Lot 7), and 716-718 South 12th Street (Block 2631, Lot 46) (South Ward) of the Tax Map of the City of Newark, County of Essex, State of New Jersey 07108 (the "Property), of which five (5) housing units shall be affordable and designated as deed-restricted affordable homeownership housing units offered for sale to qualified low income single family households. Entity Name: Washington Bay Group 1 LLC Entity Address: 811 Clinton Avenue, Newark, New Jersey 07108 Grant Amount: $550,000.00 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) 719 South 11th Street/Block 2631/Lot 5/South Ward 721 South 11th Street/Block 2631/Lot 6/South Ward 725 South 11th Street/Block 2631/Lot 7/South Ward 716-718 South 12th Street/Block 2631/Lot 46/South Ward 723 South 11th Street/Block 2631/Lot 53/South Ward Additional Information:

Resolution Adopted Introduced November 26, 2024

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