Title
Resolution to Approve Federal Home Loan Bank Sponsor Loan for West Arbor ($500,000)
Memorandum
The Ann Arbor Housing Commission is redeveloping North Maple Estates located at 655 North Maple. Commission under the Rental Assistance Demonstration ("RAD") Program. The RAD Program requires the Commission to renovate these properties as part of a conversion from public housing to RAD project-based vouchers.
The West Arbor Development (a/k/a North Maple Estates), which is located at 655 North Maple Road, consisting of apartment units 657-749 or 46 rental units in eleven (11) buildings, has undergone extensive redevelopment over the past eighteen months. the Commission as the sole member of the Ann Arbor Housing Development Corporation has authorized it to act as the sole member of the West Arbor GP, LLC, which is the general partner of the West Arbor Limited Dividend Housing Association Limited Partnership, which has been authorized to act as the Developer of the West Arbor Development.
The Commission received a commitment for the West Arbor Development from the Federal Home Loan Bank/Affordable Housing Program ("FHLB/AHP Program") of Pittsburgh on December 17, 2015 to provide funding in the amount of Five Hundred Thousand and 00/100 Dollars ($500,000.00) to the West Arbor Development ("FHLB-AHP funding").
the FHLB-AHP funding has been awarded by the FHLB of Pittsburgh through its member bank, Chase Bank, N.A., National Association, a community development banking association (the "Bank"), which shall provide the FHLB-AHP funding to the Commission. the Sponsor shall in turn provide a Sponsor loan for the same amount to the Partnership, which Sponsor loan shall be memorialized by a Sponsor Mortgage and Note ("Sponsor Loan Documents") for the FHLB-AHP Program funding to be used for the Project.
Staff
Prepared and Approved by Jennifer Hall, Executive Director, Ann Arbor Housing
Body
WHEREAS, the Ann Arbor Housing Commission is redevelop...
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