Title
Resolution to Approve the Amended City of Ann Arbor Affordable Housing Agreement for 1140 Broadway
Memorandum
Attached is a resolution to approve the Amended Affordable Housing Agreement for 1140 Broadway with Morningside Maiden Lane, LLC, Morningside Broadway, LLC and Morningside Nine99, LLC (collectively, "Developer") to add six additional affordable units, which Developer agreed to in connection with the 999 Maiden Lane Site Plan.
Council approved the 1140 Broadway Conditional Zoning and Site Plan on December 4, 2017, and the Conditional Zoning was amended on September 4, 2018.
Morningside Lower Town, LLC, the predecessor in interest to the Developer, agreed to provide 15 affordable housing units in Phase 1 and 3 of the development in consideration of Brownfield Tax Increment Financing support for the development ($5,204,760 reimbursement for the Michigan Strategic Fund eligible, non-environmental activity). Council approved the Affordable Housing Agreement for 1140 Broadway on September 8, 2020.
On July 17, 2023, Developer received approval for the 999 Maiden Lane Site Plan and 1140 Broadway/Beekman on Broadway Rezoning, and agreed to provide 6 additional affordable housing units in Phase 2 of the development for a total of 21 affordable units at the site.
The Amended Agreement requires:
* Eight affordable housing units in Phase 1 of the development;
* Six affordable housing units in Phase 2 of the development;
* Seven affordable housing units in Phase 3 of the development.
The affordable housing units will be available to households earning up to 60% AMI for 99 years using HUD Fair Market Rents. The affordable housing units shall be of the same size, appearance and finishes as comparable market-rate units.
The Agreement requires that the affordable housing be offered to those on the Ann Arbor Affordable Housing Waitlist, which is maintained by the OCED. Prospective tenants will be certified as income-qualified by the OCED prior to the developer...
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