Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Support Grant Application Purpose: Developing of approximately 33 units of affordable housing and 34 units of market rate housing in Richardson Lofts Project. Entity Name: 50-60 Columbia Street Urban Renewal, L.L.C. Entity Address: 77 Park Street, Montclair, NJ 07042 Grant Amount: Not to exceed the maximum amount allowed of $2,800,000.00 Funding Source: New Jersey Department of Community Affairs/ Neighborhood Preservation Balanced Housing Program Total Project Cost: $14,494,789.00 City Contribution: No municipal funds required Other Funding Source/Amount: See Below / $11,694,789.00 Contract Period: N/A 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) 50-60 Columbia Street and 57 Liberty Street/871/20 and 32/East Ward Additional Information: Other Funding Sources: $6,843,071.00 - New Jersey Housing Mortgage Finance Agency debt $1,900,000.00 - HOME funding $1,858,357.00 - Low Income Housing Tax Credit equity $1,093,361.00 - Deferred developer fee Invitation: Economic & Housing Development, Director