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AN ORDINANCE AMENDING TITLE II, ADMINISTRATION, CHAPTER 10, DEPARTMENT OF ECONOMIC AND HOUSING DEVELOPMENT, SECTION 7, LIVE NEWARK LOAN FORGIVENESS PROGRAM FOR ADVANCING CLOSING COSTS OR PROVIDING FUNDING FOR ELIGIBLE FA?ADE IMPROVEMENTS, SECTION 7.2 CLOSING COSTS PROGRAM, OF THE REVISED GENERAL ORDINANCES OF THE CITY OF NEWARK, NEW JERSEY, 2000, AS AMENDED AND SUPPLEMENTED, BY AMENDING SECTIONS 7.2(a)(1), 7.2(a)(4), 7.2(a)(6), AND 7.2(a)(7), TO INCREASE THE AMOUNT OF THE CLOSING COST LOAN FOR ELIGIBLE APPLICANTS FROM TWENTY THOUSAND DOLLARS TO FIFTY THOUSAND DOLLARS.
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WHEREAS, the Newark Municipal Council ("Municipal Council") adopted Ordinance 6PSF-d on February 17, 2016, establishing the Live Newark Loan Forgiveness Program, which includes the Closing Costs Program, providing eligible applicants with funding up to Five Thousand Dollars and Zero Cents ($5,000.000) towards the purchase of a home in the City of Newark ("City") with the goal of stabilizing, upgrading, and promoting the advancement of neighborhoods within the City, with the intent to arrest and reverse any deteriorating conditions; and
WHEREAS, the Municipal Council thereafter adopted Ordinance 6PSF-b on April 27, 2021, increasing the funding to eligible applicants for the Closing Costs Program to Ten Thousand Dollars and Zero Cents ($10,000.00); and
WHEREAS, pursuant to Ordinance 6PSF-e, adopted on September 20, 2023, the Municipal Council, on behalf of the City of Newark, increased the Closing Costs Program amount from Ten Thousand Dollars and Zero Cents ($10,000.00) to Twenty Thousand Dollars and Zero Cents ($20,000.00) to provide additional financial support throughout the neighborhoods in the City; and
WHEREAS, pursuant to Ordinance 6PSF-b, adopted on September 18, 2024, the Municipal Council, on behalf of the City , adjusted the term of the loan by increasing it from five (5) years to ten (10) years and decreased the percentage of th...
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