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.