Title
Resolution to Approve a Payment in Lieu of Taxes (PILOT) for Windsong Limited Dividend Housing Association Limited Partnership at Windsong Apartments on Valencia Circle
Memorandum
Windsong Limited Dividend Housing Association Limited Partnership is constructing 32 units of affordable rental housing at 3001 to 3087 Valencia Circle, known as Windsong Apartments. All units will be occupied by households at 50% of the Area Median Income or less.
Windsong LDHA, LP has received Low Income Housing Tax Credits (LIHTC), T-CAP stimulus funding and bond financing from the Michigan State Housing Development Authority (MSHDA). The developer is not requesting any additional funding from the City.
The City currently has a PILOT ordinance (Chapter 19 1:651 of the Code of the City of Ann Arbor) that applies to all affordable housing projects that meet the requirements of the ordinance. Our ordinance technically would include Windsong Apartments. However, MSHDA requires a separate PILOT ordinance specific to the project for tax credit projects.
The Office of Community Development recommends that City Council approve a PILOT for Windsong Limited Dividend Housing Association Limited Partnership at Windsong Apartments at 3001 to 3087 Valencia Circle.
Staff
Prepared by: Jennifer Hall, Housing Manager
Reviewed by: Mary Jo Callan, Community Development Director and Jayne Miller, Community Services Area Administrator
Body
Whereas, Windsong Limited Dividend Housing Association, Limited Partnership, is constructing 32 units at Windsong Apartments at 3001 to 3087 Valencia for very low-income affordable rental units; and
Whereas, The Ann Arbor City Council hereby determines that the Windsong Apartments will be qualified for, and should be granted Payment in Lieu of Taxes (PILOT), the exemption from all property taxes, as provided in the State Housing Development Authority Act and pursuant to Chapter 19, 1:651 of the Code of the City of Ann Arbor;
RESOLVED, That pursuant...
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