Title
Resolution Authorizing Publication of Notice of Intent to Issue Capital Improvement Bonds to Fund the Development of 121 Catherine as Affordable Housing (Not to Exceed $9,000,000) (6 Votes Roll Call)
Memorandum
Recommended for Council is a Resolution approving the publication of a Notice of Intent to Issue Capital Improvement Bonds (Limited Tax General Obligation) in the maximum principal amount of $9,000,000 for the purpose of financing the costs to develop affordable housing at 121 Catherine Street (the "Bonds").
The purpose of this resolution is to authorize publication of a notice of intent to issue the Bonds to inform the electors and taxpayers of the City of Ann Arbor of the Bonds' purpose and their right to petition for a referendum on the question of issuance of the Bonds. The City intends to issue the Bonds without a vote of the electors, but the Bonds will not be issued until 45 days after publication of this notice and until final approval and authorization by separate resolution the City Council.
The project includes a 64,529 square foot L-shaped building with 63 residential units involving 62 one-bedroom and 1 two-bedroom apartments. All the residential units will be affordable to households with incomes at or below 60% of Area Median Income (AMI). Half of the apartments will be targeted as supportive housing for households with incomes at or below 30% AMI. Avalon Housing will be the on-site service provider and will collaborate with other community services providers. The remaining apartments will include a preference for low-income households who are involved in artistic or literary activities, which is specifically allowed as a preference under the Low-Income Housing Tax Credit Program. The development also includes 18 public parking spaces with access from North Fourth Avenue and the rear alley.
This $33,000,000 project includes funding from the National Equity Fund through the Low Income Housing Tax Credit program; Washtenaw Coun...
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