24-1012
AN ORDINANCE AMENDING TITLE II, ADMINISTRATION, CHAPTER 10, DEPARTMENT OF ECONOMIC AND HOUSING DEVELOPMENT, SECTION 7.2, CLOSING COSTS PROGRAM, OF THE REVISED GENERAL ORDINANCES OF THE CITY OF NEWARK, NEW JERSEY, 2000, AS AMENDED AND SUPPLEMENTED, BY AMENDING SECTION 7.2(A)(7), TO INCREASE THE TERM OF THE LOAN AND ACCORDINGLY DECREASE THE PERCENTAGE OF THE FOREGIVENESS AMOUNT FOR EACH FULL CONSECUTIVE YEAR AFTER CLOSING IN WHICH THE SUBJECT PROPERTY IS THE PRIMARY RESIDENCE OF THE BORROWER UNTIL THE CLOSING COSTS LOAN IS FULLY SATISFIED.
- Committee
- Economic and Housing Development
- Introduced
- July 17, 2024
- On agenda
- August 7, 2024
- Passed
- September 18, 2024