Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Affordable Housing Agreement to enable Newark residents to purchase properties which the City has acquired for homeownership Purpose: Home ownership Entity Name: City of Newark Entity Address: 920 Broad Street, Newark, NJ 07102 Grant Amount: No City funds required Funding Source: Contract Period: Program would begin as soon as Municipal Council authorizes Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ ( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a List of Property: (Address/Block/Lot/Ward) Additional Information: This legislation has been placed directly on the agenda as instructed by the sponsor.