Dept/ Agency: Economic and 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 505 Clinton Avenue, for the construction of twenty seven (27) rental units of affordable housing to be located at 505-509 Clinton Avenue, Newark, New Jersey 07108, Block 3000, Lot 21 Entity Name: Newark Community Economic Development Corporation Entity Address: 111 Mulberry Street, Market Street Suite LL, Newark, New Jersey 07102 Funding Source: New Jersey Housing and Mortgage Finance Agency (Low Income Housing Tax Credit) Total Project Cost: Approximately $7,042,748.00 City Contribution: Proposed Funding Upon Municipal Approval Affordable Housing Trust Fund/ $500,000.00 PSE&G Settlement/ $1,000,000.00 Other Funding Source/Amount: Proposed Funding Upon Municipal Approval HMFA 1st Mortgage, Note 1/$1,490,488.00 HMFA 1ST Mortgage, Note 11/$2,726,000.00 CDBG/UEZ/$500,000.00 Kresge/Dodge/VictoriaFoundation/$750,000.00 LIHTC Equity (4%)/$2,314,370.00 Deferred Developers Fee/$676,174.00 List of Properties: (Address/Block/Lot/Ward) 505-509 Clinton Avenue, Newark, New Jersey Block 3000, Lot 21 (South Ward) Additional Information: