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2024 Affordable Housing Annual Monitoring Report

BID #: N/A
DUE: TBD
VALUE: $1.4M
65
Rating

Risk Rank

Red Risk

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Executive Summary

This document is the 2024 Annual Monitoring Report for affordable housing in Union City, Hudson County, New Jersey. The report outlines the status of affordable housing projects and accounts for housing trust fund activity, as mandated by a 2017 Settlement Agreement. Union City, designated as a State-designated Urban Aid Municipality, has specific obligations to maintain and report on affordable housing. As of April 8, 2024, the Affordable Housing Trust Fund had a balance of $2,257,664.85.

Detailed Risk Breakdown

local preference

No Flags Found

performance bond

Evidence Detected

9 CLAUSES FOUND
"...ition, as may be required by the City, a personal guaranty of Edward G. Martoglio shall be provided in an amount not to exceed the face amount of a performance bond if same had been provided in lieu of the personal guaranty. Section 2.05. PILOT Contingency. In order to enhance the economic viability of..."

liquidated damages

Evidence Detected

1 CLAUSES FOUND
"...d Partnership financial statements (including all supporting documentation) by March 1st. Any delays beyond the designated due date may result in a $100 per day penalty to the Partnership. The Partnership Accountant shall review and approve the basis and benefits calculations prior to the payment of the Fi..."

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Timeline

First Discovered

Apr 2, 2026

Last Info Update

Apr 2, 2026

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2024 Affordable Housing Annual Monitoring Report — Union (Hunterdon) | MuniBidder