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: A resolution authorizing the execution and delivery of Loan Documents to effectuate a loan awarded under the United States Department of Housing and Urban Development (“HUD”) Section 108 Loan Guarantee Program for a Redevelopment Project to be undertaken by Alpha Alpha Lambda Community Development, Inc. Entity Name: Alpha Alpha Lambda Community Development, Inc. Entity Address: 8 Lombardy Street, #206, Newark, New Jersey 07102 Loan Amount: Not to exceed $2,500,000.00 Loan Term: Twenty (20) years Project Property Information: (Address/Block/Lot/Ward) 13 and 15 16th Avenue/Block 254/Lots33-34/Central Ward 292 Hunterdon Street/Block254/Lot 40/Central Ward 294-296 Hunterdon Street/Block 254/Lots 38-39/Central Ward Additional Information: This loan is funded with proceeds of a loan guaranteed by the United States Department of Housing and Urban Development under Section 108 of the Housing and Community Development Act of 1974. The funds being re-lent pursuant to this Resolution represent a reallocation of previously approved Section 108 funds from a prior project that did not proceed and are subject to all applicable federal requirements.

Resolution Adopted Introduced April 8, 2026

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