Dept./Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Grant Agreement Purpose: To provide gap financing for the construction of a three-family residential dwelling consisting of three (3) deed-restricted affordable housing units pursuant to the City of Newark Affordable Housing Trust Fund Entity Name: 229 South 11th LLC Entity Address: 59 Lincoln Park, Suite 375, Newark, New Jersey 07107 Grant Amount: $300,000.00 Funding Source: City of Newark Affordable Housing Trust Fund Total Project Cost: $1,012,828.43 City Contribution: $300,000.00 Other Funding Source/Amount: Personal Equity; New Jersey Community Capital Grant Period: Commencing upon the Effective Date, as defined in the Grant Agreement, and expiring upon the sale and transfer of the Project and Home to the Purchaser and the funding of the Grant Funds 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) 229 South 11th Street, Block 1815, Lot 11 (West Ward) Additional Information: