Title
Resolution to Provide $96,697.00 from the Ann Arbor Affordable Housing Fund to Avalon Housing for Glendale/Dexter Duplexes and Repairs at 1675/1677 Broadway
Memorandum
Avalon Housing, Inc. is requesting $96,697.00 for the acquisition and preservation of three duplexes (six units) of affordable housing and to replace failing retaining walls at 1675/1677 Broadway.
The Glendale/Dexter properties are three existing duplexes, containing a total of six 2-bedroom units. They are located on the City's near west side at 100/102 N. Glendale, 112/114 N. Glendale and 1911/1913 Dexter. These properties are currently owned and managed by Community Alliance and operated as affordable housing with commitments to house three households with incomes at or below 50% of AMI and three households with incomes at or below 30% AMI.
In 2014 Community Alliance informed the Office of Community and Economic Development that the non-profit organization was interested in focusing on services rather than owning and operating housing. As Avalon is a non-profit developer, owner and manager of permanent supportive housing, Community Alliance and the OCED asked Avalon to consider acquiring the property to ensure the units remained affordable.
Avalon has agreed to acquire and manage the properties. Community Alliance is transferring the properties, and the associated debt, to Avalon at no cost other than transactional expenses. Avalon is requesting $50,000.00 from the Ann Arbor Housing Trust Fund (AAAHF) for capital needs at the properties and for transaction costs related to the transfer of ownership. Preservation and maintenance work is needed prior to improvements planned for 2017.
Avalon is requesting $46,697.00 to replace two retaining walls at 1675/1677 Broadway, a four-unit property that houses survivors of domestic violence. The residents must have incomes at or under 30% of area median income. The income requirements are in place through 2047 under a MSHDA regula...
Click here for full text