The Ann Arbor City Council Monday night approved issuing up to $35 million in bonds for an affordable housing project on the site of the old downtown YMCA.
The Ann Arbor Housing Commission is spearheading the development next to the Blake Transit Center. Partnering with developer Related Midwest, the 20-story complex will feature about 330 apartments for low to moderate income residents.
The total cost of the project is around $215 million.
Second Ward Councilman Chris Watson says approving the bonds now will save dollars as building costs continue to rise.
“The bond issuance tonight is what we mean when we say the city is moving full steam ahead on affordable housing. Bonding up front so that we can build more affordable housing now, rather than waiting for construction costs to increase.”
The city will pay off the debt from the bonds by using funds collected through the Affordable Housing Millage. It was approved by voters in 2020.
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