Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Affordable Housing Agreement for the construction of sixty (60) affordable residential units, five (5) of which shall be HOME-Assisted affordable housing units and on-site parking spaces. Purpose: To authorize the execution and delivery of a Deed Restrictive Affordable Housing Agreement to Somerset Brownstones Urban Renewal Associates, L.P., to subsidize the costs for construction of the project. Entity Name: Somerset Brownstones Urban Renewal Associates, L.P. Entity Address: 2 Cooper Street, 14th Floor, Camden, New Jersey 08101 Grant Amount: $500,000.00 Funding Source: HOME Funds Contract Period: Two (2) years not to exceed three (3) years from the date of adoption of this resolution by the Municipal Council Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ ( ) Private Sale (X) Grant ( ) Sub-recipient ( ) n/a (Address/Block/Lot/Ward) 25-49 Somerset Street and 50-76 Barclay Avenue/Block 2556/Lot 1.02/Central Ward Additional Information: 25-49 Somerset Street is also known as 50-76 Barclay Avenue, Newark, New Jersey and is identified on the Official Tax Map of the City of Newark as Block 2556/Lot 1.02 (Central Ward) they are one and the same property. An official copy of Tax Map is attached to the file.