Department/Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Loan Purpose: To authorize the execution of an Affordable Housing Agreement to GK Preservation LLC to renovate and improve the Georgia King Village Apartments located at 200 and 250 Georgia King Village, 4-70 Littleton Avenue, 352-374 West Market Street and 17-49 Bergen Street, Newark, New Jersey, and identified on the City’s Official Tax Map as Block 1808, Lot 1, Block 1832, Lot 1, Block 1833, Lots 1, 60 and 65 and Block 1834, Lot 55, which consists of 422 residential units, of which seven (7) shall be HOME affordable housing units, 276 parking spaces, a community facility (including a children’s library), and a leasing/management office. Entity Name: GK Preservation LLC Entity Address: 1865 Palmer Avenue, Suite 203, Larchmont, New York 10538 Funding Source: Federal HOME Funds Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ ( ) Private Sale ( ) Grant ( ) Sub-recipient ( X ) n/a List of Property: (Address/Block/Lot/Ward) 200 and 250 Georgia King Village/Block 1808/Lot 1/West 4-70 Littleton Avenue/Block 1832/Lot 1/West 352-374 West Market Street/Block 1833/Lots 1, 60 and 65/West 17-49 Bergen Street/Block 1834/Lot 55/West Additional Information: Loan Agreement is for the amount of $1,500,000.00