Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Loan Agreement / Promissory Note Pursuant to Section 108 Loan Guarantee Program
Purpose: A resolution authorizing the execution and delivery of Loan Documents to effectuate a loan awarded under the United States Department of Housing and Urban Development ("HUD") Section 108 Loan Guarantee Program for a Redevelopment Project to be undertaken by Alpha Alpha Lambda Community Development, Inc.
Entity Name: Alpha Alpha Lambda Community Development, Inc.
Entity Address: 8 Lombardy Street, #206, Newark, New Jersey 07102
Loan Amount: Not to exceed $2,500,000.00
Loan Term: Twenty (20) years
Project Property Information: (Address/Block/Lot/Ward)
13 and 15 16th Avenue/Block 254/Lots33-34/South Ward
292 Hunterdon Street/Block254/Lot 40/Central Ward
294-296 Hunterdon Street/Block 254/Lots 38-39/South Ward
Additional Information:
This loan is funded with proceeds of a loan guaranteed by the United States Department of Housing and Urban Development under Section 108 of the Housing and Community Development Act of 1974. The funds being re-lent pursuant to this Resolution represent a reallocation of previously approved Section 108 funds from a prior project that did not proceed and are subject to all applicable federal requirements.
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WHEREAS, Section 108 of the Housing and Community Development Act of 1974 (42 U.S.C. 5308) ("Section 108"), authorizes the U.S. Department of Housing and Urban Development ("HUD") to guarantee loans as part of its Community Development Block Grant ("CDBG") Program; and
WHEREAS, HUD has designated the City of Newark, State of New Jersey ("City"), as an Urban Entitlement Area under the Community Development Block Grant Program; and
WHEREAS, the City has been receiving CDBG Program funds since the program's inception in 1974; and
WHEREAS, HUD administers the Section 108 Loan Guarantee Program, wh...
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