Title
Dept/ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Apply and Accept Resolution
Purpose: Application/Acceptance of Loan Funds from the United States Department of Housing and Urban Development's Section 108 Loan Guarantee Provision of the Community Development Block Grant Program
Entity Name: City of Newark
Entity Address: 920 Broad Street, Newark, New Jersey 07102
Grant Amount: $12,000,000.00
Funding Source: United States Department of Housing and Urban Development
Total Project Cost: $0.00
City Contribution: $0.00
Other Funding Source/Amount: $0.00
Contract Period: 2013-2017
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:
Resolution 7R1-j adopted on September 18, 2013
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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 United States Department of Housing and Urban Development ("HUD") to guarantee loans as part of its Community Development Block Grant ("CDBG") program; and
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 CDBG program funds since the program's inception in 1974; and
WHEREAS, HUD administers the Section 108 Loan Guarantee Program which provides communities who receive CDBG funds with an additional source of financing for economic development, housing rehabilitation, public facilities, and other physical development projects as outlined by 24 CFR 570.202 and 24 CF 570.702; and
WHEREAS, in order to receive loan guara...
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