Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Affordable Housing Agreement Purpose: To provide HOME Program funds to subsidize the construction and pre-development costs of Ten(10) of approximately eighty-nine (89) rental units to be constructed within the multi-family project known as Hampton Valley Apartments (the “Project”). The HOME assisted units will be affordable to low income households Entity Name: Hampton Valley Urban Renewal, Limited Partnership Entity Address: 136 Elizabeth Avenue, Newark, New Jersey 07108 Grant Amount: $250,000.00 Funding Source: HUD, HOME Funding Contract Period: The use of HOME funds provided under the Agreement shall be for a period of two (2) years and not to exceed four years, from the date of adoption of this resolution by the Newark 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 List of Property: (Address/Block/Lot/Ward) 106-118 Elizabeth Avenue/Block 2784/Lot 3/South Ward 122-136 Elizabeth Avenue/Block 2777/Lot 1/South Ward Additional Information: Resolution 7R3-B(S) 102814; determined project meets existing housing need Ordinance 6PSF-I 052015; granted project a thirty (30) year tax abatement