Title
Resolution to Approve Funding for Maple Tower and River Run Developments
Memorandum
The Ann Arbor Housing Commission (AAHC) has been approved by HUD to convert its properties to project based vouchers under the Rental Assistance Demonstration (RAD) program. The AAHC has secured public and private funding to rehabilitate its properties at Miller Manor and Maple Meadows (Maple Towers); and Baker Commons, Green-Baxter Court and Hikone (River Run).
The AAHC formed a Michigan limited liability company, Maple Tower Ann Arbor, LLC on July 9, 2013, and pursuant to its Operating Agreement executed on July 10, 2013, the AAHC is its sole Managing Member. This entity, Maple Tower Ann Arbor, LLC was formed for the sole purpose of becoming the General Partner in the Maple Tower Ann Arbor Limited Dividend Housing Association Limited Partnership (the "Maple Tower Partnership").
The AAHC formed a Michigan limited partnership, Maple Tower Partnership with Maple Tower Ann Arbor, LLC as the General Partner and the Commission as the Initial Limited Partner, by execution of a Certificate of Limited Partnership dated July 10, 2013 and a Limited Partnership Agreement dated July 10, 2013 to acquire, develop, finance, own, maintain, operate or otherwise redevelop property located at 727 Miller Avenue and 800-890 S. Maple to provide 135 units of affordable housing to be known as the Maple Tower Development in Ann Arbor, Michigan ("the Maple Tower Development").
The AAHC formed a Michigan limited liability company, River Run Ann Arbor, LLC on July 9, 2013, and pursuant to its Operating Agreement executed on July 10, 2013, the Commission is its sole Managing Member. This entity, River Run Ann Arbor, LLC was formed for the sole purpose of becoming the General Partner in the River Run Ann Arbor Limited Dividend Housing Association Limited Partnership (the "River Run Partnership").
The AAHC formed a Michigan limited partnership, River Run Partnership with River Run Ann Arbor...
Click here for full text