Description
Title: Resolution Authorizing Issuance of 2026 Capital Improvement Bonds for the 350 S. Fifth Avenue Affordable Housing Development (Not to Exceed $35,000,000.00) (Limited Tax General Obligation - Taxable)
Summary
The Affordable Housing Funding Agreement between the City of Ann Arbor and the Ann Arbor Housing Commission aims to finance the construction of an affordable housing development located at 350 S. Fifth Ave., consisting of 329 to 330 residential units. The total project cost is estimated at $215 million, with the City financing up to $35 million through capital improvement bonds. This initiative is significant as it aligns with the City Charter's provisions for annual tax levies designated for affordable housing. The agreement outlines responsibilities for both parties, including the use of bond proceeds, financial reporting, and the maintenance of affordable housing standards. This collaboration seeks to enhance public welfare by increasing access to affordable housing in Ann Arbor.