Title
Dept/ Agency: Administration/Office of Management and Budget
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Transfer of CDBG Funds
Purpose: Amending CDBG Coronavirus Aid, Relief and Economic Security (CARES) Act, CDBG-CV Allocation
Funding Source: United States Department of Housing and Urban Development
Amount Transferred $500,000.00
Transferred From: Microenterprise Assistance
Transferred To: Tenant Based Rental Assistance
Additional Information:
Amending Resolution 7R1-k, adopted on August 19, 2020, authorized the City of Newark to accept funds for the Coronavirus Aid, Relief and Economic Security Act (CARES) in the amount of $4,310,416.00.
This amendment will decrease the amount for the CDBG-CV Allocation Microenterprise Assistance from $1,800,000.00 to $1,300,000.00 and increase the amount for the CCBG-CV Allocation Tenant Based Rental Assistance from $1,300,000.00 to $1,800,000.00.
Two-Thirds vote of full membership required.
body
TR # 8
WHEREAS, the Resolution 7R1-K, adopted August 19, 2020, authorized the City of Newark to accept funds for the Coronavirus Aid, Relief and Economic Security Act (CARES) for the prevention, preparation and response to the coronavirus pandemic (COVID-19) to meet the needs of the citizens of Newark; and
WHEREAS, said Resolution 7R1-k adopted on August 19, 2020, listed the amounts awarded for the CDBG-CV allocations Microenterprise Assistance and Tenant Based Rental Assistance at $1,800,000.00 and $1,300,000.00 respectively; and
WHEREAS, the Administration desires to correct Resolution 7R1-k adopted on August 19, 2020, to reflect the actual CDBG-CV Allocations: the Microenterprise Assistance award amount of $1,300,000.00 instead of $1,800,000.00 and the Tenant Based Rental Assistance award of $1,800,000.00 instead of $1,300,000.00.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The...
Click here for full text