Dept/Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Loan Agreement Purpose: To authorize the execution and delivery of a Variable/Fixed Rate Note in the amount of $617,000.00, and related documents, and request advances for funds awarded under the Section 108 Loan Guarantee Program for the benefit of the United Muslim, Inc., proposed Redevelopment Project located at 807-837 Hunterdon Street in the South Ward, as shown on the Official Tax Maps of the City 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 Additional Information: 807-837 Hunterdon Street/3589/40/South Ward 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.