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 Court Tower Apartments for the rehabilitation of 222 senior rental units of affordable housing to be located on 961-985 Broad Street, Newark, New Jersey 07102 (a/k/a 1 Court Street), Block 111, Lot 75 Entity Name: New Court Street 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: $35,165,757.00 City Contribution: N/A Other Funding Source/Amount: Projected: Fannie Mae: $19,366,622.00, IRP: $2,698,638.00, LIHTC Equity $9,548,733.00, Environmental Release and NJHMFA-Replacement Reserve: $2,666,081.00 List of Properties: (Address/Block/Lot/Ward) 961-985 Broad Street (a/k/a 1 Court Street)/Block 111/Lot 75/Central Ward Additional Information: