Title
AN ORDINANCE AMENDING TITLE II, ADMINISTRATION, CHAPTER 10, DEPARTMENT OF ECONOMIC AND HOUSING DEVELOPMENT, SECTION 7, LIVE NEWARK LOAN FORGIVENESS PROGRAM FOR ADVANCING CLOSING COSTS, OF THE REVISED GENERAL ORDINANCES OF THE CITY OF NEWARK, NEW JERSEY, 2000, AS AMENDED AND SUPPLEMENTED, BY AMENDING SECTION 7.2, CLOSING COST PROGRAM, TO INCREASE THE AMOUNT OF THE CLOSING COST LOAN FOR ELIGIBLE APPLICANTS UNDER THE LIVE NEWARK LOAN FORGIVENESS PROGRAM.
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WHEREAS, pursuant to Ordinance 6PSF-e, adopted on September 20, 2023, the Municipal Council, on behalf of the City of Newark, increased the Closing Costs Program amount from Ten Thousand Dollars and Zero Cents ($10,000.00) to Twenty Thousand Dollars and Zero Cents ($20,000.00) to benefit Newark residents; and
WHEREAS, pursuant to Ordinance 6PSF-b, adopted on September 18, 2024, the Municipal Council, on behalf of the City of Newark increased the term of Closing Cost Loans from five (5) year to ten (10) years and decreased the amount of the total Closing Costs loan forgiven from 20% to 10% for each full, consecutive year that the borrower makes the subject property his or her primary residence up to 100% until the Closing Costs Loan is fully satisfied; and
WHEREAS, the Municipal Council on behalf of the City of Newark wishes to increase the Closing Cost Program loan amount to benefit Newark residents; and
WHEREAS, the City of Newark recognizes that eligible applicants are in need of financial support throughout the neighborhoods; and
WHEREAS, the City of Newark has determined that there is a need to adjust the aforementioned loan amounts; and
WHEREAS, the Municipal Council finds and declares the following amendments to the Revised General Ordinances of the City of Newark, New Jersey, 2000, are deemed necessary.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
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