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 the Ann Arbor Community Land Trust for the Townie Homes Project, 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 the Ann Arbor Community Land Trust (AACLT) for pre-development expenses on scattered site properties in the "Townie Homes" development project 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. The AACLT applied for a grant of up to $100,000.00 to develop 26 homes on scattered sites in the "Townie Homes" development project. Eleven of the twenty-six homes will be set aside for households at 60% AMI or less, through deed restrictions. The AAHDC's board reviewed and approved the application at its board meeting.
The addresses of the qualifying units within the project, which will be restricted to households at 60% AMI or less are: 225 S Wagner Road (2 units), 235 S. Wagner Road (2 units), 1535 S Maple Road (3 units), 1563 S. Maple Road (1 unit), 1567 S Maple Road (1 unit), and 1288 Jewett (2 units) ("Qualifying Units").
The AAHDC will enter into a sub-grant agreement with the Ann Arbor Community Land Trust and will administer the funds in compliance with the Ann Arbor Affordable Housing Fund Guidelines. The Ann Arbor Community Land Trust will have 7 years to expend the funds. The AAHDC will ensure that funds will only pay for invoices for the Qualifying Units or, when an invoice applies...
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