Title
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