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AN ORDINANCE AMENDING TITLE 2, ADMINISTRATION, CHAPTER 10, DEPARTMENT OF ECONOMIC AND HOUSING DEVELOPMENT, SECTION 7, LIVE NEWARK LOAN FORGIVENESS PROGRAM FOR ADVANCING CLOSING, OF THE REVISED GENERAL ORDINANCES OF THE CITY OF NEWARK, NEW JERSEY, 2000, AS AMENDED AND SUPPLEMENTED, BY AMENDING SECTION 7.2, CLOSING COST PROGRAM, TO INCREASE THE AMOUNT OF THE CLOSING COST LOAN FOR ELIGIBLE APPLICANTS UNDER THE LIVE NEWARK LOAN FORGIVENESS PROGRAM.
Sponsor(s): Council Member, Patrick O. Council
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WHEREAS, the Municipal Council on behalf of the City of Newark wishes to increase the Closing Cost Program amount to benefit Newark residents; and
WHEREAS, the City recognizes that eligible applicants are in need of financial support throughout the neighborhoods; and
WHEREAS, the City of Newark has determined that there is a need to adjust the aforementioned loan amounts; and
WHEREAS, the Municipal Council finds and declares the following amendments to the Revised General Ordinances of the City of Newark, New Jersey, 2000, are deemed necessary for the prosperity of residents within the City of Newark.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
[Deletions are indicated by strikethrough, additions are indicated by bold and underline.]
SECTION 1. Title II, Administration, Chapter 10, Department of Economic and Housing Development, of the Revised General Ordinances of the City of Newark, New Jersey, 2000, is amended and supplemented, to read as follows:
CHAPTER 10, Department of Economic and Housing Development
? 2:10-7.2 CLOSING COST PROGRAM.
a. Closing Cost Program
1. Establishment. The Department of Economic and Housing Development is hereby authorized to renew, implement and administer a Closing Costs Program in order to advance (but not to reimburse) up to $10,000 $20,000 ("Closing Costs Loan") for Eligible Closing Costs to eligible closin...
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