Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Need for Housing Project Purpose: To support NJHMFA Low Income Housing Tax Credit Application for a project known as Grace West a/k/a the Grace West Manor Apartments for the rehabilitation of approximately three hundred twenty-four (324) senior rental units of affordable housing and one hundred four (104) low income townhomes to be located at 221-305 Irvine Turner Blvd., Newark, New Jersey 07102, Block 2583, Lot 1, Central Ward Entity Name: New Grace West Urban Renewal, LLC Entity Address: 551 5th Avenue, 23rd Floor, New York, New York 10176 Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit) Total Project Cost: $90,334,061.00 City Contribution: N/A Other Funding Source/Amount: Projected: HMFA Note 1: $57,000,000.00, Sellers Reserves: $1,500,000.00, LIHTC Equity $26,569,000.00, Income from Operation: $1,550,000.00, Deferred Developer’s Fee: $3,715,061.00 List of Properties: (Address/Block/Lot/Ward) 221-305 Irvine Turner Blvd., Block 2583, Lot 1 (Central Ward) Additional Information: N/A