Dept./Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Assignment and Assumption Agreement / Transfer of Affordable Housing Obligations Purpose: To authorize the execution of an Assignment and Assumption Agreement, Assignment of Mortgage, Acknowledgment of Affordability Requirements, and any related transfer documents in connection with the transfer of property located at 129-131 Seymour Avenue, Newark, New Jersey, and the assignment and assumption of certain Neighborhood Stabilization Program loan and affordability obligations associated therewith. Entity Name: Seymour Home, LLC Entity Address: 35 Planka Place, Spring Valley, New York 10977 Grant Amount: N/A Funding Source: N/A Total Project Cost: N/A City Contribution: Original Neighborhood Stabilization funding in the amount of $166,286.12 previously provided in connection with the Property Other Funding Source/Amount: N/A Grant Period: The affordability controls and restrictive covenants shall remain in effect through November 8, 2026, in accordance with the Deed of Easement and Restrictive Covenants recorded against the Property. 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) 129-131 Seymour Avenue/Block 3024/Lot 85/South Ward Additional Information:

What this record is

Held by

Seymour Home, LLC

Amount

$166K

Runs until

November 8, 2026 23 days — goes back out to bid date quoted from the award document

Type

amendment

Field

Real estate

real estate 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

June 3, 2026

On agenda

June 17, 2026

Passed

June 17, 2026

Where it was heard

Municipal Council Jun 17, 2026 Adopt Pass

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