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.