Description
Title: Resolution to Approve a Grant Agreement with the Ann Arbor Housing Commission and Ann Arbor Housing Development Corporation, Approve the Purchase of Property at 800 Victors Way for Affordable Housing, and Appropriate $1,200,000.00 (8 Votes Required)
Summary
The Affordable Housing Fund Grant Agreement involves the City of Ann Arbor, the Ann Arbor Housing Commission, and the Ann Arbor Housing Development Corporation (AAHDC). The agreement allocates $1.2 million from the Ann Arbor Affordable Housing Fund (AAAHF) to facilitate the acquisition of a property at 800 Victors Way for affordable housing development. This initiative primarily aims to serve households earning at or below 60% of the Area Median Income (AMI), with a focus on those earning 30% or less. The project will include a mix of studio and one- to two-bedroom apartments, ensuring that at least 40% of units remain affordable. This agreement is crucial as it addresses the critical need for affordable housing in Ann Arbor, bol