Title
Dept/ Agency: Administration/Office of the Business Administrator
Action: ( X ) Ratifying (X) Authorizing (X) Amending
Type of Service: Amend Resolution 7R3-D-(AS) 050510 , funding agreement
Purpose: Amend NSP2 Agreement with Community Loan Fund of New Jersey, Inc. to provide additional funding of reprogrammed funds in the amount of $702,663.29 , allow entity to use unexpended loan loss reserve balance of $195,000.00 and extend the termination date of said Agreement to August 11, 2013
Entity Name: Community Loan Fund of New Jersey, Inc.
Entity Address: 108 Church Street, 3rd FL, New Brunswick, New Jersey 08901
Grant Amount: $1,320,163.29
Funding Source: U.S. Department of Housing and Urban Development
Contract Period: February 11, 2010 through August 11, 2013
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: (If applicable)
(Address/Block/Lot/Ward)
Additional Information:
Invitation: Michael Meyer, Director of Division of Housing and Real Estate, March 19, 2013
Deferred 7R1-c 032013
Deferred 7R1-a (s) 032613
Deferred 7R1-a 040313
Deferred 7R1-a 041713
Deferred 7R1-a 050113
body
WHEREAS, through Resolution 7R3-D-(AS) adopted May 5, 2010 the Municipal Council, authorized the Mayor and/or his designee, the Deputy Mayor/Director of the Department of Economic and Housing Development, with the City of Newark serving in the capacity as Lead Member of the Newark/Essex County NSP2 Consortium, to enter into separate Neighborhood Stabilization Program 2 (NSP2) Funding Agreements with six (6) nonprofit Consortium Members and two (2) for-profit Developers, to undertake NSP2 eligible housing activities as defined by the U.S. Department of Housing and Urban Development (HUD), pursuant to the Grant Agreement and all Fed...
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