Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Contract with Sub-recipient
Purpose: Authorizing the Execution of a Sub-Recipient Agreement between the City of Newark and Newark Community Economic Development Corporation for the Administration of the HUD Section 108 Loan Guarantee Program
Entity Name: Newark Community Economic Development Corporation
Entity Address: 111 Mulberry Street, Newark, New Jersey 07102
Grant Amount: $12,000,000.00
Funding Source: Section 108 Loan Guarantee Program
Contract Period: Terminates upon satisfaction of loans
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant (X) Sub-recipient ( ) n/a
Additional Information:
Funds accepted by Resolution 7R1-j adopted on September 18, 2013.
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WHEREAS, the United States Department of Housing and Urban Development ("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 Community Development Block Grant ("CDBG") program funds since the inception of the program in 1974; and
WHEREAS, HUD administers the Section 108 Loan Guarantee Program ("Section 108"), which provides communities with a source of financing for economic development, housing rehabilitation, public facilities, and other physical development projects, including improvements to increase their resilience against natural disasters; and
WHEREAS, Section 108 offers state and local governments the ability to transform a small portion of their CDBG funds into federally guaranteed loans large enough to pursue physical and economic revitalization projects capable of revitalizing entire neighborhoods; and
WHEREAS, in its 20...
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