Title
Resolution to Approve the Colonial Oaks Cost Completion Report and Verification of Ann Arbor Housing Commission Expenditures of $1,005,949
Memorandum
Colonial Oaks is the legal entity for the RAD-converted properties at Mallett’s Creek, Hillside Manor, South Seventh and Upper Platt.
The Federal Home Loan Bank of Indianapolis provided $420,000 in Affordable Housing Program Funds to the Colonial Oaks project. The total project cost was $1,425,949 and the AAHC utilized $1,005,949 in HUD Capital Fund Program (CFP) funds for the balance of the expenditures.
...Staff
Prepared and Approved by: Jennifer Hall, Executive Director
Body
WHEREAS, the Ann Arbor Housing Commission applied for and received $420,000 from the Federal Home Loan Bank in Affordable Housing Program funds to redevelop the project known as Colonial Oaks; and
WHEREAS, the total development costs were $1,425,949; and
RESOLVED, that the Ann Arbor Housing Commission Board verifies that the Ann Arbor Housing Commission provided $1,005,949 for the redevelopment of Colonial Oaks, which includes the following properties: S. Seventh, Mallett’s Creek, Hillside Manor, and Upper Platt.