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 eleven (11) of the sixty-one (61) units within the multi-family rental project. The HOME assisted units will be affordable to low and very low income individuals Entity Name: Fairmount Senior Genesis Housing Urban Renewal Partnership, LLC Entity Address: 594 Broadway, Suite 1107, New York, New York 10012 Grant Amount: $1,875,000.00 Funding Source: HUD, HOME Funding Contract Period 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 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) 124-130 Fairmount Avenue/ /Block 259/ Lot 21/ West Ward 111-117 Eleventh Avenue/ Block 1826/ Lot 35/ West Ward Additional Information: Proposed funding: 1st Mortgage $1,500,000.00 FHLB AHP $600,000.00 Deferred Developer Fee $870,000.00 LIHTC Equity $11,429,318.00 Unsecured Source $3,104,091.00 Resolution 7R3-f(S) 090111, Approved Thirty (30) year Tax Abatement Resolution 7R3-g (AS) 080311, Supported application for NJHMFA Low Income Tax Credit funding