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 446 ITB Urban Renewal, LLC, for the complete renovation of an existing four-story structure consisting of twenty-nine (29) rental units, of which four (4) are HOME subsidized, at the property located at 446-450 Irvine Turner Boulevard. Entity Name: 446 ITB Urban Renewal, LLC Entity Address: 116 Village Boulevard, Suite 307, Princeton, New Jersey 08540 Grant Amount: $400,000.00 Funding Source: Federal HOME Program Funds Contract Period: 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) 446-450 Irvine Turner Boulevard/Block 2693/Lot 22/South Ward Additional Information: Deferred 7R2-b 011823