Title
Resolution to Amend FY 2016 Budget to Transfer $450,000.00 from the Ann Arbor Affordable Housing Fund to the Ann Arbor Housing Commission for the Swift Lane Project (HHSAB Recommendation: Approval - 9 Yeas and 0 Nays) (8 Votes Required)
Memorandum
Approval of this resolution will provide the Ann Arbor Housing Commission with a $450,000.00 grant to be used in conjunction with tax credits and other funding for the demolition and construction of two different affordable housing properties in Ann Arbor, creating 64 affordable housing units.
Petition Summary:
* Ann Arbor Housing Commission has requested funds for two properties requiring demolition and construction at both sites. The first property is located at 3401-3405 & 3451-3457 Platt Road in Ann Arbor and the second property is located at 701 Henry Street in Ann Arbor.
* The Platt Road property currently consists of six residential units. Upon demolition and construction it will be turned into 32 apartments consisting of one to five bedroom units - 8 one bedroom one bathroom units, 12 two bedroom one bathroom units, 6 three bedroom two bath units, 2 four bedroom two bathroom units, and 4 five bedroom two bathroom units - and a community center for residents.
* The Henry Street property will be demolished and rebuilt with 32 units - 23 one bedroom and 9 two bedroom units - and a community center for residents.
* The Henry Street project is in the zoning and site plan approval stage right now and is expected to be approved by October 2015
* These proposed redevelopment sites will result in 64 residential units, 44 of which will receive Project Based Voucher subsidies from HUD through the Rental Assistance Demonstration (RAD) Program.
* The project is planning to seek an allocation of 9% Low Income Housing Tax Credits in the upcoming October 1, 2015 round. The project will seek additional funding from the Federal Home Loan Bank, HUD HOME funds, and a bank loan. It is estimated that the...
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