Title
Dept/ Agency: Economic & Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Application/Acceptance of Grant Funds
Purpose: Supporting the Newark Homeownership Cooperative that will ensure that new homeowners have the best chance of finding housing and mortgages suitable to their financial needs.
Entity Name: City of Newark/Newark Homeownership Cooperative
Entity Address: 920 Broad Street, Newark, NJ 07102
Grant Amount: $100,000.00
Funding Source: Fannie Mae, Office of Community and Charitable Giving
Total Project Cost: $100,000.00
City Contribution: No municipal funds required.
Other Funding Source/Amount: N/A
Contract Period: September 1, 2009 through August 31, 2010
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale (X) Grant ( ) Sub-recipient ( ) n/a
Additional Information: N/A
Invitation: Director of Economic and Housing Development, August 31, 2010
Deferred 7R3-e 080410