Description
Title: Ann Arbor Housing Commission Long-Term Parking Request-350 S. Fifth Ave.
Summary
The Ann Arbor Housing Commission, in collaboration with Related Midwest, is requesting the Downtown Development Authority (DDA) to reserve parking permits at the Fourth and William Parking Structure for residents of a proposed 330-unit affordable housing development at 350 South Fifth. This initiative aims to secure affordable parking for individuals earning between 30% and 80% of the Area Median Income (AMI). The project will combine various funding sources, including Low Income Housing Tax Credits and a significant mortgage from the Michigan State Housing Development Authority. The request includes a 15-year lease for up to 165 parking spaces, with specific terms to ensure affordability and flexibility based on tenant needs. This agreement is crucial for enhancing investor confidence and facilitating the development of much-needed affordable housing in downtown