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File #: 14-1261    Version: 1 Name: 9/2/14 PILOT for Avalon Housing 1010-1030 Arbordale Street
Type: Resolution Status: Passed
File created: 9/2/2014 In control: City Council
On agenda: 9/2/2014 Final action: 9/2/2014
Enactment date: 9/2/2014 Enactment #: R-14-304
Title: Resolution to Amend an Approved Payment in Lieu of Taxes (PILOT) for Avalon Housing Arbordale Apartments at 1010-1030 Arbordale Street
Title
Resolution to Amend an Approved Payment in Lieu of Taxes (PILOT) for Avalon Housing Arbordale Apartments at 1010-1030 Arbordale Street
Memorandum
Arbordale Apartments are currently owned by Arbordale Apartments Limited Dividend Housing Association Limited Partnership, an affiliate of Avalon Housing Corporation, who also manages the property. Avalon Housing, or an affiliated entity as required by funding sources, will be acquiring and rehabilitating the property and applying for Low Income Housing Tax Credits (LIHTC) from the Michigan State Housing Development Authority (MSHDA). The upcoming project has previously been awarded funds from the Washtenaw Urban County.

The property is currently eligible for a PILOT under Chapter 19 of the City's Code of Ordinances that applies to all affordable housing projects that meet the requirements of the ordinance. Avalon can secure 5 points on the LIHTC application if the City of Ann Arbor adopts a PILOT specifically for this address.

Therefore, the Office of Community and Economic Development recommends that the City Council approve a PILOT for Arbordale Apartments 2014.
Staff
Prepared By: Brett Lenart, Deputy Director, Office of Community and Economic Development
Reviewed By: Sumedh Bahl, Community Services Administrator
Mary Jo Callan, Director, Office of Community and Economic Development
Approved By: Steve Powers, City Administrator
Body
WHEREAS, Avalon Housing or an affiliated ownership entity as required by funding sources, will be acquiring and rehabilitating Arbordale Apartments, currently owned by Arbordale Apartments Limited Dividend Housing Association Limited Partnership, an affiliate of Avalon Housing Corporation;

WHEREAS, Avalon Housing will apply for Low Income Housing Tax Credits from the Michigan State Housing Development Authority to support the Arbordale Apartments 2014 project; and

WHEREAS, The Ann Arbor City Council hereby determines that the Arbordale Apartments 2014...

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