Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Affordable Housing Agreement Purpose: HOME funds to subsidize the new construction costs for eleven (11) of the fifty (50) rental housing units for seniors Entity Name: Spruce Senior Urban Renewal Associates, LP Entity Address: 3 East Stow Road Suite 100, Marlton, New Jersey 08053 Grant Amount: $1,556,946.00 Funding Source: HUD, HOME Funding Contract Period: Two years from the date of adoption of this authorizing resolution by Municipal Council. 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) 136-146 Spruce Street, Newark, New Jersey 07108 /Block 2556/ Lot 61/ t Central Ward Additional Information: Project name: Spruce Street Senior Apartments Project