Title
Resolution to Accept the FY23 Audits for Maple Tower Ann Arbor LDHA LP, River Run LDHA LP, West Arbor LDHA LP and Swift Lane LDHA LP from January 1, 2023 to December 31, 2023
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 FY23 (January 2023 to December 2023) as well as the FY23 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 FY23 (January 2023 to December 2023) as well as the FY23 tax return for the General Partner and Limited Partnership for this entity.
Prepared by: Ulli Raak, Finance Directo...
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