Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Need for Housing Project Purpose: Resolution supporting Sponsor’s application for funding a project known as Somerset Brownstones Family Project through the New Jersey Housing mortgage Finance Agency Low Income Housing Tax Credit Program. Entity Name: Somerset Brownstones Urban Renewal Associates, L.P. Entity Address: 3 East Stow Road, Marlton, New Jersey 08053 Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit) Total Project Cost: $21,472,125.00 City Contribution: N/A Other Funding Source/Amount: N/A /$ List of Properties: (Address/Block/Lot/Ward) 1-55 Somerset Street/Block 256/Lot 1/Central Ward Additional Information: Ordinance6PSFB(S) 043012, granted entity a Thirty (30) Year Long Term Tax Exemption Resolution 7R3-A(S) 112911, approved contract with the entity for Private Sale/Redevelopment of the Property