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 an Affordable Housing Agreement to The Lantana Urban Renewal, L.P. for the construction of The Lantana Project consisting of a five-story building at 109-119 Broad Street and the rehabilitation of an existing structure at 130 North 11th Street. The Project will include seventy-two (72) residential units, eight (8) of which shall be HOME affordable housing units, on-site parking spaces, laundry facilities and a community room. Entity Name: The Lantana Urban Renewal, L.P. Entity Address: 77 Park Street, Montclair, New Jersey 07042 Grant Amount: $568,000.00 Funding Source: Federal HOME Program Funds Contract Period: From the date of adoption by the Municipal Council through December 31, 2051 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) 109-119 Broad Street/Block 523/Lots 1, 3, 4, 5, 51, 54, 59, and 60/Central Ward 130 North 11th Street/Block1926/Lot 1.02/Central Ward Additional Information: HOME Program Funds must be expended within forty-eight (48) months from the date of adoption by the Municipal Council.