Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: HOME Loan Purpose: To grant financial assistance for a project consisting of fifty (50) affordable housing units located within the South Ward Redevelopment Plan, as amended and supplemented and identified on the official tax map of the City as Block 2681, Lots 31 and 32, and Block 2681, Lot 34. Entity Name: Jelliff Senior Estates Urban Renewal, LLP Entity Address: 71 Lake Avenue, Colonia, New Jersey 07067 Grant Amount: $500,000.00 Funding Source: Federal HOME Funds Total Project Cost: $12,960,574.00 City Contribution: $500,000.00 Other Funding Source/Amount: LIHTC $5,168,146.00; Construction Bank Loan $6,470,242.00; and Borrowers Equity $322,186.00 Contract Period: Twenty-four (24) months Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ ( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a List of Property: (if applicable) (Address/Block/Lot/Ward) 226-230 Jelliff Avenue/Block 2681/Lots 31, 32/South Ward 220-224 Jelliff Avenue/Block 2681/Lot 34/South Ward Additional Information: