Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Need for Housing Project Purpose: Resolution supporting application of Carrino Plaza Apartments, LLC, for funding under the Low Income Housing Tax Credit Program through the New Jersey Housing Mortgage Finance Agency for a sixty (60) rental project known as “Carrino Plaza Apartments” at 416-418 Broadway, Newark, New Jersey Entity Name: Carrino Plaza Apartments, LLC Entity Address: 1055 Sawmill River Road, Suite 204 Ardsley, New Jersey 10502 Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit) Total Project Cost: $18,775,005.00 approximate City Contribution: N/A Other Funding Source/Amount: N/A /$ List of Properties: (Address/Block/Lot/Ward) 416-426 Broadway/Block 613/ Lot 1/North Ward Additional Information: Entity will receive a loan of $720,00.00 form City funds. Entity has applied for a Tax Abatement for this Project. No Action Taken 7R3-g 102313