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 of a HOME Affordable Housing Agreement with Rising Plains Urban Renewal LLC to develop and construct a new four-story 19-unit affordable and supportive housing development consisting of three (3) studio units, six (6) one-bedroom units, ten (10) two-bedroom units (6 HOME subsidized) upon the property located at 475-481 South 16th Street (Block 327; Lot 15) of the Tax Map of the City of Newark, County of Essex, State of New Jersey (West Ward) of the Tax Map of the City of Newark, County of Essex, State of New Jersey Entity Name: Rising Plains Urban Renewal LLC Entity Address: 1515 Morris Plains, Hillside, New Jersey 07205 Grant Amount: $525,000.00 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) 475-481 South 16th Street (Block 327; Lot 15) of the Tax Map of the City of Newark, County of Essex, State of New Jersey (West Ward) Additional Information: