Title
Resolution to Approve Federal Home Loan Bank Sponsor Loan for Swift Lane ($750,000)
Memorandum
The Ann Arbor Housing Commission is redeveloping Lower Platt located at 3401 -3457 Platt Road and White/State/Henry Apartments under the Rental Assistance Demonstration ("RAD") Program. The RAD Program requires the Commission to renovate these properties as part of a conversion from public housing to RAD project-based vouchers.
The Swift Lane Development includes the demolition of 32 apartments at Platt and White/State/Henry and the construction of 64 apartments. The Ann Arbor Housing Commission as the sole member of the Ann Arbor Housing Development Corporation has authorized it to act as the sole member of the Swift Lane GP, LLC, which is the general partner of the Swift Lane Limited Dividend Housing Association Limited Partnership, which has been authorized to act as the Developer of the Swift Lane Development.
The Commission received a commitment for the Swift Lane Development from the Federal Home Loan Bank/Affordable Housing Program ("FHLB/AHP Program") of Pittsburgh on December 14, 2018 to provide funding in the amount of Seven Hundred Fifty Thousand and 00/100 Dollars ($750,000.00) to the Swift Lane Development ("FHLB-AHP funding").
the FHLB-AHP funding has been awarded by the FHLB of Pittsburgh through its member bank, Chase Bank, N.A., National Association, a community development banking association (the "Bank"), which shall provide the FHLB-AHP funding to the Commission. The Sponsor shall in turn provide a Sponsor loan for the same amount to the Partnership, which Sponsor loan shall be memorialized by a Sponsor Mortgage and Note ("Sponsor Loan Documents") for the FHLB-AHP Program funding to be used for the Project.
Staff
Prepared and Approved by Jennifer Hall, Executive Director, Ann Arbor Housing
Body
WHEREAS, the Ann Arbor Housing Commission is redeveloping its public housing properties under the Rental Assistance Demonstration ("RAD") ...
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