Title
Resolution to Approve Payment in Lieu of Taxes (PILOT) for the Affordable Housing Project at 2285 W. Liberty Street, Ann Arbor, MI 48103
Memorandum
TDP Ann Arbor Limited Dividend Housing Association I, Limited Partnership proposes building 343 units of affordable housing with an application for Low Income Housing Tax Credits (LIHTC). 100% of the units will serve households with an average income at or below 60% of the Area Median Income (AMI).
The proposed housing project makes the property eligible for a payment in lieu of taxes (PILOT) under Chapter 19 of City Code. TDP Ann Arbor Limited Dividend Housing Association I, Limited Partnership can receive points on their LIHTC application that increase the likelihood of receiving the tax credits if the City adopts a PILOT for the project.
Therefore, staff recommends that the City Council approve a PILOT for 2285 W. Liberty Street to support the development of 343 additional units of affordable housing in the City.
Staff
Prepared By: Michelle Bennett, City Planner
Reviewed By: Brett Lenart Planning Manager
Derek Delacourt, Community Services Area Administrator
Approved By: Milton Dohoney Jr., City Administrator
Body
Whereas, TDP Ann Arbor Limited Dividend Housing Association I, Limited Partnership is developing approximately 343 units of affordable housing;
Whereas, TDP Ann Arbor Limited Dividend Housing Association I, Limited Partnership will be applying for Low Income Housing Tax Credits (LIHTC) from the Michigan State Housing Development Authority (MSHDA); and
Whereas, City Council has determined prospectively that, under Chapter 19 of City Code, the affordable housing project at 2285 W. Liberty Street will be qualified for and should be granted a tax exemption and pay an annual service charge in lieu of taxes;
RESOLVED, That pursuant to Chapter 19, 1:651 of the Code of the City of Ann Arbor, the project shall pay a service charge equal to one dollar ($1.00) for the assisted units as provided b...
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