Title
Resolution to Approve the Transfer of Community Housing Alternative's Properties at 1911 & 1913 Dexter to Avalon Housing and 100, 102, 112 & 114 Glendale to Avalon Second Nonprofit Housing Corporation
Memorandum
Community Housing Alternatives (CHA) has been working with the Office of Community and Economic Development (OCED) and the Michigan State Housing Development Authority (MSHDA) on a long-term strategy to maintain CHA's units as affordable housing. Community Housing Alternatives and the affiliated Glendale Nonprofit Housing Corporation are seeking to cease the ownership and operation of housing units. To ensure that the units are maintained as committed income-based housing units, OCED has been working with CHA and Avalon to consider a transfer of the properties rather than losing them to an unrestricted status. Avalon currently owns and operates other properties in close proximity to these properties and is experienced with these building types. Additionally, Avalon is a Community Housing Development Organization (CHDO), a requirement of several documents. To ensure the units are maintained as income-restricted housing units, CHA and Avalon have agreed to transfer the properties while maintaining the existing affordability provisions.
For each property, existing City investments were made utilizing HUD HOME funds, which have minimum requirements, including period of affordability, regular reporting and monitoring, and approval of the City of any property transfer. For these properties, it is recommended that the City approve the identified property transfers. For each transfer, this would be implemented through a discharge of existing mortgages and affordability agreements issued to Community Housing Alternatives, and execution of new similar documents with Avalon Housing, Avalon Second Nonprofit Housing Corp, or affiliated entities. Here are the investments subject to this proposal:
1911 & 1913 Dexter
Authorize transfer from CHA ...
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