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ORDINANCE AMENDING ORDINANCE 6S&Fe, SEPTEMBER 16, 1998, DEPARTMENT OF ECONOMIC AND HOUSING DEVELOPMENT, DIVISION OF PROPERTY MANAGEMENT, BY REVISING THE SELECTION CRITERIA AND PROGRAM REGULATIONS FOR PARTICIPATION IN THE URBAN HOMESTEAD PROGRAM.
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WHEREAS, pursuant to Ordinance 6S&Fe(S), adopted September 16, 1998, the Municipal Council of the City of Newark established within the Division of Property Management an Urban Homestead Program in accordance with N.J.S.A. 40A:12-34 and P.L. 1988, Chapter 584; and
WHEREAS, the Division of Property Management is required to place on file with the City Clerk the selection criteria and regulations for participation in the Urban Homestead Program, in accordance with N.J.S.A. 40A:12-34; and
WHEREAS, certain specialized home loan products contain a number of restrictions and procedural safeguards which will ensure that Program Properties are rehabilitated in a reasonable manner, applicants are encouraged to utilize loan programs such as the FHA 203K Program and Fannie Mae HomeStyle Renovation Mortgage to purchase and rehabilitate program properties; and
WHEREAS, the City of Newark wishes to improve the criteria and regulations of its Urban Homestead Program to ensure supportive homeownership opportunities are afforded to First Time Homebuyers, including City Officers and employees, who (including a spouse) has no ownership in a principle residence during the 3-year period ending on the date of the purchase of the property.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
Section 1. Section 2:10-1.4 of the City of Newark General Code is hereby amended to read as follows:
Editor's Note: Additions are bold and underlined and deletions are shown as strikethroughs
2:10-1.4. Division of Property Management; Head; Duties.
a. There shall be within the Department of Economic and Housing Development a Division of Property Management, t...
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