Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Affordable Housing Agreement Purpose: HOME Program funds provided to subsidize the construction costs of eleven (11) of the ninety-six (96) units within the multi-family rental project. The HOME assisted units will be affordable to low and very low income households, eighty-five (85) units are designated as market rate. Entity Name: Cherry Park, LLC or an entity under common control of Cherry Park, LLC to be formed under the laws of the State of New Jersey. Entity Address: 480 North 4th Street, Newark, New Jersey 07107 Grant Amount: $800,000.00 Funding Source: HUD, HOME Funding Contract Period: The contract period shall run from the date of adoption until September 30, 2014 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) 144-178 Sylvan Avenue, Newark, New Jersey 07104, Block 839.01, Lot 32, North Ward Additional Information: Project Name: Cherry Park Apartments Project