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2024 Affordable Housing Annual Monitoring Report

BID #: N/A
ISSUED: 5/1/2024
DUE: TBD
VALUE: $1,375,710.00
65
Rating

Risk Rank

Red Risk

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Executive Summary

The City of Union City requires an annual monitoring report outlining the status of affordable housing projects and housing trust fund activity. Union City, a State-designated Urban Aid Municipality, has obligations stemming from a 2017 Settlement Agreement, which requires annual reporting on all affordable housing activity. The City's Affordable Housing Trust Fund had a balance of $2,257,664.85 as of April 8, 2024. Key projects include the rehabilitation of units under the control of the Union City Housing Authority and support for a 100% affordable age-restricted development at 720 8th Street. The report also covers prior and third-round monitoring, rehabilitation program monitoring, and very low-income reporting.

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 4, 2026

Last Info Update

Apr 4, 2026

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