Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: To rehabilitate properties as affordable housing for very low-income families (30% AMI) living and attending school in the South Ward. Entity Name: Community Asset Preservation Corporation Entity Address: 421 Halsey Street, Newark, New Jersey 07102 Sale Amount: $29,862.00 Cost Basis: (X) $4.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $320,600.00 Appraised Amount: $0.00 Contract Period: To be commenced within three (3) months and be completed within twelve (12) months from the transfer of ownership by the City. 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) 20 Treacy Avenue/Block 2625/Lot 1/South Ward 742-744 South 10th Street/Block 2652/Lot 53/South Ward Additional Information: Total Square Footage = 7,465.5 X $4.00 = $29,862.00 Sale to community partner providing affordable housing opportunities, at prices set forth by Ordinance 6S&Fh, adopted April 7, 2004, establishing the minimum sale price of City-owned property.