Title
Resolution to Approve an Affordable Housing Fund Grant Agreement with the Ann Arbor Housing Commission and Ann Arbor Housing Development Corporation, for a Pre-Development Sub-Grant to Avalon Housing Inc for Hickory Way III, and Appropriate $100,000.00 (8 Votes Required)
Memorandum
This resolution is requested by the Ann Arbor Housing Commission (AAHC) to appropriate and grant $100,000.00 from the Ann Arbor Affordable Housing Fund to the Ann Arbor Housing Development Corporation (AAHDC) to sign a sub-grant agreement with Avalon Housing for Hickory Way III at 1146 S Maple Road in the City of Ann Arbor.
The Ann Arbor Affordable Housing Fund Guidelines allow a qualified non-profit to request a grant for eligible pre-development activities, on a quarterly rolling basis, if funds are available. Pre-development grants cannot exceed $100,000.00 per project. Avalon Housing Inc. ("Avalon") applied for a grant of up to $100,000.00 to develop 29 apartments. All of the apartments will be set aside for households at 60% AMI or less, through a deed restriction and 50% of the apartments will have a further restriction for homeless households with incomes at 30% AMI or less. The AAHDC's board reviewed and approved the application at its board meeting.
The AAHDC will enter into a sub-grant agreement with Avalon Housing and will administer the grant funds in compliance with the Ann Arbor Affordable Housing Fund Guidelines. Avalon will have 7 years to expend the funds.
Budget/Fiscal Impact: Funding is available in the fund balance of the Affordable Housing Fund. It is requested the $100,000.00 be appropriated from the fund balance to the FY 2027 Affordable Housing Fund expenditure budget.
Staff
Prepared by: Jennifer Hall, Executive Director, Ann Arbor Housing Commission
Reviewed by: Marti Praschan, Chief Financial Officer
Approved by: Milton Dohoney Jr., City Administrator
Body
Whereas, The Ann Arbor Housing Commission requests an allocation of $100,000 from the An...
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