Title
Resolution to Approve a Payment in Lieu of Taxes (PILOT) for the Affordable Housing Project at 3695 South State Street
Memorandum
3695 State Limited Dividend Housing Association Limited Partnership intends to build 66 units of affordable housing supported by an application for Low Income Housing Tax Credits (LIHTC). 100% of the units will serve households with an average income at or below 60% of the Area Median Income (AMI).
The proposed housing project makes the property eligible for a payment in lieu of taxes (PILOT) under Chapter 19 of City Code. 3695 State Limited Dividend Housing Association Limited Partnership can receive points on their LIHTC application that increase the likelihood of receiving the tax credits if the City adopts a PILOT for the project.
Therefore, staff recommends that the City Council approve a PILOT for 3695 South State Street to support the development of 66 additional units of affordable housing in the City.
Staff
Prepared By: Mariana Melin-Corcoran, City Planner
Reviewed By: Brett Lenart, Planning Manager
Derek Delacourt, Community Services Area Administrator
Approved By: Milton Dohoney Jr., City Administrator
Body
Whereas, 3695 State Limited Dividend Housing Association Limited Partnership ("3695 State Limited") is developing approximately 66 units of affordable housing at 3695 South State Street;
Whereas, 3695 State Limited will be applying for Low Income Housing Tax Credits (LIHTC) from the Michigan State Housing Development Authority (MSHDA);
Whereas, The housing units will be restricted to households with incomes at or below 60% of Area Median Income (AMI); and
Whereas, City Council has determined prospectively that, under Chapter 19 of City Code, the affordable housing project at 3695 South State Street will be qualified for and should be granted a tax exemption and pay an annual service charge in lieu of taxes;
RESOLVED, That the housing project to be developed at 3695 South State Street in the City o...
Click here for full text