Dept/Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing (X) Amending Type of Service: Federal HUD HOME Loan Purpose: A Resolution authorizing a reduction in the number of subsidized and designated HOME Assisted Units and the execution of a First Amendment to the Deed Restrictive Affordable Housing Agreement with Washington Bay Group 1, LLC in connection with the construction of five (5) new two-family homes offered for sale consisting of a total of ten (10) three-bedroom residential rental units 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 2631) ( Ward) of the Tax Map of the City of Newark, County of Essex, State of New Jersey 07108. Entity Name: Washington Bay Group 1 LLC Entity Address: 811 Clinton Avenue, Newark, New Jersey 07108 Grant Amount: $550,000.00 Funding Source: Federal HUD HOME loan Contract Period: Agreement shall be for a period of twenty (20) years from the date when a certificate of occupancy has been issued by the City and the first low income eligible homebuyer occupies the HOME Assisted Units. 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: (if applicable) (Address/Block/Lot/Ward) 719 South 11th Street/Block 2631/Lot 5/South Ward 721 South 11th Street/Block 2631/Lot 6/South Ward 723 South 11th Street/Block 2631/Lot 53/South Ward 725 South 11th Street/Block 2631/Lot 7/South Ward 716-718 South 12th Street/Block 2631/Lot 2631/South Ward Additional Information: