Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing (X) Amending Type of Service: Resolution of Need for Housing Project Purpose: To support NJHMFA Low Income Housing Tax Credit Application for funding a project known as Belmont Apartments through the Low Income Housing Tax Credit Program. Entity Name: Carthage Belmont LLC Entity Address: 111 South Munn Avenue, East Orange, New Jersey 07018, Block 2675, Lot 41 Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit) Total Project Cost: $28,747,039.00 City Contribution: N/A Other Funding Source/Amount: N/A /$ List of Properties: (Address/Block/Lot/Ward) 393-395 Irvine Turner Boulevard (Block 2675, Lot 41) 416-422 Irvine Turner Boulevard (Block 2693, Lot 7) 416-422 Irvine Turner Boulevard (Block 2765, Lot 40) 399 Irvine Turner Boulevard (Block 2678, Lot 16) 400 Irvine Turner Boulevard (Block 100, Lot 14) collectively known as “Aspen-Belmont Apartments” and (South Ward) Additional Information: To rehabilitate six (6) buildings containing approximately one hundred forty-two (142) family rental units of affordable housing for a project know as Belmont Apartments (393-395 Belmont Avenue and 416-422 Belmont Avenue), Aspen-Belmont Apartments (399 Belmont Avenue and 400 Belmont Avenue), Center City Housing #9B (76-80 Court Street), and Center City Housing 9 (40 West Kinney Street) (the “Project”) to be occupied by individuals whose income is within guidelines set by the New Jersey Low Income Housing Tax Credit Program.