Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing () Amending Type of Service: Need for Housing Project Purpose: To determine whether the proposed Project will meet or meets an existing housing need within the City of Newark, New Jersey, pursuant to the provisions of the New Jersey Housing and Mortgage Finance Agency Law of 1983, as amended (N.J.S.A. 55:14K-1 et seq.), the rules promulgated thereunder at N.J.A.C. 5:80-1 et seq., and all applicable guidelines Entity Name: 650 Springfield Ave Urban Renewal, LLC Entity Address: 61 Deans Lane, Monmouth, New Jersey 08852 Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit) Total Project Cost: $ 16,820,870.00 City Contribution: $500,000.00 Other Funding Source/Amount: Conventional Lender and Deferred Developer Fee/$4,135,345 List of Properties: (Address/Block/Lot/Ward) 650-656 Springfield Avenue, 708 South 17th Street and 724-726 South 17th Street and 47-55 19th Avenue/ Block 364, Lots 1, 2, 21, 22, 24, 26, 27, 28 and 29 (South Ward) Additional Information: