Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing () 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 New Hope Village through the Low Income Housing Tax Credit Program. Entity Name: Village Developers Urban Renewal, LLC, c/o The Alpert Group and New Hope Development Corporation #1 Entity Address: c/o The Alpert Group, One Parker Plaza, Fort Lee, New Jersey 07024 Funding Source: New Jersey Housing Mortgage Finance Agency Tax Exempt Bond Financing Construction Loan, $15,700,000.00; HUD insured FHA Permanent Mortgage through Bellwether Enterprise, $7,500,000.00; HUD Interest Reduction Payment Funding $1,941,155.00; 4% Federal Low Income Housing Tax Credit Equity $10,174,137.00; Sponsor’s Financing $15,500,000.00; and Deferred Developer Fee, $762,494.00. Total Project Cost: $35,877,786.00 City Contribution: Other Funding Source/Amount: /$ List of Properties: (Address/Block/Lot/Ward) 173-229 Norfolk Street/Block 417/Lot 20/Central Ward Additional Information: