Title
RESOLUTION APPROVING A GRANT TO AVALON HOUSING FOR PARKING LOT REPAIRS AT 201 W. WILLIAM STREET
Body
Whereas, The Ann Arbor Downtown Development Authority (DDA) is a catalyst for strengthening economic vibrancy and quality of life in the downtown area, and to meet its mission, the DDA has supported a variety of downtown affordable housing projects, including projects which serve residents earning below 60% of Area Median Income;
Whereas, Avalon Housing has requested that the DDA provide a $21,000 grant from the Housing Fund for parking lot repairs at an Avalon Housing property at 201 W. William Street;
Whereas, 201 W. William Street is a 6-unit property owned and managed by Avalon Housing, serving households below 50% of Area Median Income;
Whereas, City of Ann Arbor Ordinance, Section 1:156(e), adopted in 2013 and amended in 2020, establishes a minimum amount of Tax Increment Financing (TIF) be set aside annually in its Housing Fund and restricts those funds to the support of affordable housing to residents with incomes at or below 60% of the Area Median Income (AMI), and residents at this property must be at or below 50% AMI and therefore this project is in compliance with the restriction;
Whereas, The DDA Housing Fund has capacity in its FY25 budget to meet this request, and has the ability established by DDA and City resolution to roll forward unspent grant dollars to better accommodate project timing;
Whereas, The Executive Committee has reviewed and recommends approval of this request;
RESOLVED, The DDA approves a grant from its Housing Fund to Avalon Housing for parking lot repairs at its 201 W. William Street property, in an amount not to exceed $21,000 and authorizes the DDA Executive Director to execute the Grant Agreement between Ann Arbor Downtown Development Authority and Avalon Housing;
RESOLVED, The DDA Board authorizes the DDA Accounting Director to release grant funds to Avalon Housing as follows:
* Funding shall be on a reimburse...
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