Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To rehabilitate the residential properties for resale in a pilot Section 8 Homeownership Program, administered in partnership with the Newark Housing Authority. Entity Name: Invest Newark, a New Jersey Nonprofit Corporation Entity Address: 111 Mulberry Street, Suite LL, Newark, New Jersey 07102 Sale Amount: $3.00 Cost Basis: ( ) $ PSF ( ) Negotiated ( ) N/A ( ) Other: X Assessed Amount: $338,500.00 Appraised Amount: $0.00 Contract Period: Agreement to be executed within thirty (30) days of the adoption of this authorizing resolution Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ (X ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a List of Property: (Address/Block/Lot/Ward) 73 ½ Cutler Street/Block 488/Lot 59/Central Ward 24-26 Beverly Street/Block 3076/Lot 39/South Ward 92 South 10th Street/Block 1856/Lot 47/West Ward Additional Information: Purchase Price is $1.00 for each property.