Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Affordable Housing Agreement for HOME Funds Purpose: To authorize the execution of an Affordable Housing Agreement to Oak Towers Urban Renewal Entity, LLC. Entity Name: Oak Towers Urban Renewal Entity, LLC Entity Address: 150 East 52nd Street, 14th Floor, New York, New York 10022 Grant Amount: $276,646.00 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) 2-8, 18-22, 24, 26, 28 and 30 Stratford Place/Block 2668/Lots 1, 9, 12, 13, 14 and 15 (South Ward) Additional Information: This is an Affordable Housing Agreement for HOME Funds to Oak Towers Urban Renewal Entity, LLC for the construction of the Oak Towers Project consisting of a complete renovation of two (2) mid-rise multi-family residential affordable and supportive buildings that will consist of seventy-five (75) rental units (2 HOME subsidized), upon property located at 2-8, 18-22, 24, 26, 28 and 30 Stratford Place (Block 2668, Lots 1,9,12,13,14 and 15) (South Ward). The Project will include seventy-five (75) residential units, two (2) of which shall be HOME affordable housing units, on-site parking spaces, laundry facilities and a community room.