File #: 15-2361    Version: 1 Name: The Live Newark Forgiveness Loan Program
Type: Ordinance Status: Filed
File created: 12/11/2015 In control: Economic and Housing Development
On agenda: 1/20/2016 Final action: 2/17/2016
Title: ORDINANCE AMENDING TITLE 2, ADMINISTRATION, CHAPTER 18, DEPARTMENT OF ECONOMIC AND HOUSING DEVELOPMENT OF THE REVISED GENERAL ORDINANCES OF THE CITY OF NEWARK, NEW JERSEY, 2000, AS AMENDED AND SUPPLEMENTED, TO ESTABLISH THE LIVE NEWARK LOAN FORGIVENESS PROGRAM FOR ADVANCING CLOSING COSTS OR PROVIDING FUNDING FOR ELIGIBLE FA?ADE IMPROVEMENTS OR RENOVATIONS. Invitation: Economic and Housing Development Director, January 20, 2016
Sponsors: Council of the Whole
Title
ORDINANCE AMENDING TITLE 2, ADMINISTRATION, CHAPTER 18, DEPARTMENT OF ECONOMIC AND HOUSING DEVELOPMENT OF THE REVISED GENERAL ORDINANCES OF THE CITY OF NEWARK, NEW JERSEY, 2000, AS AMENDED AND SUPPLEMENTED, TO ESTABLISH THE LIVE NEWARK LOAN FORGIVENESS PROGRAM FOR ADVANCING CLOSING COSTS OR PROVIDING FUNDING FOR ELIGIBLE FA?ADE IMPROVEMENTS OR RENOVATIONS.
Invitation: Economic and Housing Development Director, January 20, 2016

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WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1, et seq., as amended and supplemented (the "Act"), authorizes municipalities to participate in the redevelopment and improvement of areas that are in need of redevelopment or rehabilitation; and

WHEREAS, in order to stimulate the reinvigoration of the City of Newark (the "City"), by Resolution 7Rdo (A.S.) June 15, 2005, designated the entire City as an area in need of rehabilitation pursuant to the Act; and

WHEREAS, the City, in order to stimulate redevelopment, rehabilitation, and conservation and for the general improvement of the City, has adopted Redevelopment Plans for each of its five (5) Wards which, collectively, cover the entire City, as follows:

(i) Third Amendment to the North Ward Redevelopment Plan, adopted August 17, 2005, by Ordinance 6S+Fa(S);
(ii) First Amendment to the Central Ward Redevelopment Plan, adopted August 17, 2005 by Ordinance 6S+Fe(S);
(iii) First Amendment to the East Ward Redevelopment Plan, adopted September 21, 2005, by Ordinance 6S+Fe;
(iv) Third Amendment to the South Ward Redevelopment Plan, adopted August 17, 2005 by Ordinance 6S+Fd(S); and
(v) Second Amendment to the West Ward Redevelopment Plan, adopted August 17, 2005 by Ordinance 6S+Fc(S); and

WHEREAS, the City has broad powers under the Act to implement and assist in the implementation of redevelopment projects and in accordance with N.J.S.A. 40A:12A-8(f), a munici...

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