Dept./Agency: Economic and Housing Development Action: ( ) Ratifying ( X) Authorizing ( ) Amending Type of Service: Grant Agreement Purpose: To provide gap financing for the construction of a twenty-four (24) residential dwellings consisting of three (3) deed-restricted affordable housing restrictions for occupancy by qualified low-income tenants pursuant to the City of Newark Affordable Housing Trust Fund. Entity Name: Acension Capital Partners, LLC Entity Address: 59 Lincoln Park, Suite 375, Newark, New Jersey 07107 Grant Amount: $1,070,182.00 Funding Source: City of Newark Affordable Housing Trust Fund Total Project Cost: $18,460,639.00 City Contribution: $1,070,182.00 Other Funding Source/Amount: 4% Low-Income Housing Tax Credits and Conventional Lender Grant Period: Commencing upon the Effective Date, as defined in the Grant Agreement, and continuing through the expiration of the Affordability Period as defined in the Grant Agreement, which period shall be twenty (20) years following the issuance of a Certificate of Occupancy and the initial occupations of the Affordable Units by eligible households. 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) 538-540 South 16th Street, Block 333, Lot 69 (formerly Lots 19, 20 and 69 (West Ward) 518-530 South 16th Street, Block 333, Lot 58.01 (formerly Lots 58, 59, and 64) (West Ward) Additional Information: