Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Affordable Housing Agreement Purpose: Entity Name: MBI Development Company, Inc. Entity Address: 725 Cuthbert Boulevard, Cherry Hill, New Jersey 08002 Grant Amount: $950,000.00 Funding Source: City of Newark Motor Vehicle Rental Tax Account Contract Period: The use of rental tax account funds provided under the Agreement shall be for a period of two (2) years, and not to exceed four years, from the date of adoption by the Newark Municipal Council. Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ ( ) Private Sale ( X ) Grant ( ) Sub-recipient () n/a List of Property: (Address/Block/Lot/Ward) 10 Crawford Street/ /Block 116/ Lot 46/Central Ward 12 Crawford Street/ /Block 116/ Lot 47/Central Ward 14 Crawford Street/ /Block 116/ Lot 48/Central Ward 16-20 Crawford Street/ /Block 116/ Lot 49/Central Ward 401-407 Halsey Street/ /Block 116/ Lot 34/Central Ward 395 Halsey Street/ Block 116/ Lot 30/Central Ward 397 Halsey Street/ /Block 116/ Lot 31/Central Ward 399 Halsey Street/ /Block 116/ Lot 32/Central Ward 24 West Kinney Place/ /Block 116/ Lot 3/Central Ward 22 West Kinney Place/ /Block 116/ Lot 5/Central Ward 18-20 West Kinney Place/ /Block 116/ Lot 7/ Central Ward 16 West Kinney Place/ Block 116/ Lot 9/Central Ward Additional Information: Proposed Funding Sources: Permanent Loan $ 2,500,000.00 LIHTC Equity $ 11,066,958.00 HMFA Subsidy $950,000.00