Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Need for Housing Project Purpose: Provisions of the New Jersey Housing Mortgage Finance Agency Law to enable the Agency to process the sponsor’s application for funding a project known as Oak Towers Apartments by Oak Towers Urban Renewal Entity, LLC through the Low Income Housing Tax Credit Program Entity Name: Oak Towers Urban Renewal Entity, LLC Entity Address: 6 Dutch Lane, Scotch Plains, New Jersey 07076 Funding Source: Not Applicable Total Project Cost: $14,936,034.00 City Contribution: Not Applicable Other Funding Source/Amount: Low Income Housing Tax Credits $4,314,087.00; Construction Loan $9,664,653.00; Borrower Equity $957,294.00 List of Properties: (Address/Block/Lot/Ward) 2-8 & 18-22 Stratford Place / Block 2668, Lots 1 and 9 / South Ward Additional Information: