Title
Resolution to Approve a Grant Agreement with the Ann Arbor Housing Commission and Housing Development Corporation for a Pre-Development Sub-Grant to MISSION at 3501 Stone School Road and Appropriate $74,950.00 (8 Votes Required)
Memorandum
This resolution is requested by the Ann Arbor Housing Commission (AAHC) to appropriate and grant $74,950.00 from the Ann Arbor Affordable Housing Fund to the Ann Arbor Housing Development Corporation (AAHDC) for a pre-development and technical assistance grant to MISSION for a proposed affordable housing development at 3501 Stone School Road in the City of Ann Arbor.
The Ann Arbor Affordable Housing Fund Guidelines allow a qualified nonprofit to request a grant for eligible pre-development and technical assistance activities. Pre-development grants cannot exceed $100,000.00 per project. MISSION applied for a grant of $74,950.00 to explore development of small homes on their property on Stone School road. All of the homes will be set-aside for households below 60% AMI. The homes are proposed to have private living and sleeping areas and common cooking facilities, bathrooms, and showers. The AAHDC’s board reviewed and approved an application for pre-development funds at its board meeting.
This resolution approves a grant agreement between the City, the AAHC, and the AAHDC governing use of the funds.
The AAHDC will then enter into a sub-grant agreement with MISSION and will administer the funds in compliance with the Ann Arbor Affordable Housing Fund Guidelines. MISSION will have 7 years to expend the funds.
Budget/Fiscal Impact: Funding is available in the unobligated fund balance of the Affordable Housing Fund. It is requested that the $74,950.00 be appropriated from the fund balance to the FY 2027 Affordable Housing Fund expenditure budget to fund the pre-development grant to MISSION.
Staff
Prepared by: Jennifer Hall, Executive Director, Ann Arbor Housing Commission
Reviewed by: Marti Praschan, Chief Financial Of...
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