Title
Resolution to Accept the FY24 Audits for Maple Tower Ann Arbor LDHA LP, River Run LDHA LP, West Arbor LDHA LP and Swift Lane LDHA LP from January 1, 2024 to December 31, 2024
Memorandum
The Ann Arbor Housing Commission redeveloped its Public Housing properties through Low Income Housing Tax Credit Financing, an IRS program. The Ann Arbor Housing Commission (AAHC) created and is the sole member of the Ann Arbor Housing Development Corporation (AAHDC), which is a 501c(3) that supports the AAHC with its development mission. The AAHDC formed several legal entities to act as a general partner for these LIHTC projects. The general partner then forms a limited partnership with the equity investor, that purchases the LIHTC which finance the developments. These limited partnerships have separate bank accounts, financial reporting and audits. Following are the legal entities and properties included in these audits.
• Maple Tower Ann Arbor, Limited Dividend Housing Association Limited Partnership
o Miller Manor
o Maple Meadows
• River Run Ann Arbor Limited Dividend Housing Association Limited Partnership
o Green-Baxter Court
o Hikone
o Baker Commons
• West Arbor Limited Dividend Housing Association Limited Partnership
o West Arbor
• Swift Lane Limited Dividend Housing Association Limited Partnership
o Creekside Court
o State Crossing
The Ann Arbor Housing Commission is the property manager for these properties and the manager for these partnerships.
Yeo and Yeo completed the attached annual audits for Maple Tower Ann Arbor LDHA, LP; River Run Ann Arbor LDHA, LP; West Arbor LDHA, LP for FY24 (January 2024 to December 2024) as well as the FY24 tax returns for the General Partners and Limited Partnerships for these entities.
The Tidwell Group completed the annual audit for Swift Lane LDHA, LP for FY24 (January 2024 to December 2024) as well as the FY24 tax return for the General Partner and Limited Partnership for this entity.
Prepared by: Ulli Raak, Finance Director, Ann Arbor Housing Commission
Approved by: Jennifer Hall, Executive Director, Ann Arbor Housing Commission
WHEREAS, Yeo and Yeo completed the FY24 audits for Maple Tower Ann Arbor LDHA, LP; River Run Ann Arbor LDHA, LP; and the West Arbor LDHA, LP from January 1, 2024 to December 31, 2024; and
WHEREAS, Yeo and Yeo completed the Maple Tower Ann Arbor LDHA, LP; Maple Tower Ann Arbor LLC; River Run Ann Arbor LDHA, LP; River Run Ann Arbor LLC; the West Arbor LLC, and West Arbor LDHA, LP FY24 tax returns;
WHEREAS, The Tidwell Group completed the FY24 audit for Swift Lane LDHA, LP from January 1, 2024 to December 31, 2024; and
WHEREAS, The Tidwell Group completed the Swift Lane, LLC and the Swift Lane LDHA, LP FY24 tax returns;
NOW THEREFORE BE IT RESOLVED THAT, the Ann Arbor Housing Commission Board has reviewed the FY24 audits for Maple Tower Ann Arbor Limited Dividend Housing Association Limited Partnership; River Run Ann Arbor Limited Dividend Housing Association Limited Partnership; West Arbor Limited Dividend Housing Association Limited Partnership and Swift Lane Limited Dividend Housing Association Limited Partnership, acknowledges the documents are complete and accurate, and grant staff the authority to certify and issue them.