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: To authorize the execution and delivery of a Variable/Fixed Rate Note in the amount of $617,000.00 and related documents; to request advances for funds awarded under the United States Department of Housing and Urban Development ("HUD") Section 108 Loan Guarantee Program for the benefit of United Muslim, Inc. proposed Redevelopment Project located at 807-837 Hunterdon Street in the South Ward, identified on the City Tax Maps as Block 3589, Lot 40.
Entity Name: United States Department of Housing and Urban Development
Entity Address: 451 7th Street S.W., Washington, DC 20410
Loan Amount: $617,000.00
Funding Source: United States Department of Housing and Urban Development
Loan Term: Twenty (20) years from the date of execution and delivery of the Loan Agreement by and between the City of Newark and HUD
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
List of Property: (Address/Block/Lot/Ward)
807-837 Hunterdon Street/3589/40/South Ward
Additional Information:
Application for loan funds authorized by Resolution 7R2-a(as) adopted on November 1, 2017.
Contract for Loan Guarantee Assistance authorized by Resolution 7R2-k (as) adopted on July 11, 2018.
Body
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 CDBG program; and
WHERE...
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