The Ann Arbor City Council tonight is expected to approve a grant agreement to allow the Housing Commission to purchase a southside apartment complex. Avia Lofts on Victors Way will be turned into affordable housing.
It’s not the first time the Commission and the Ann Arbor Housing Development Corporation have made such a purchase. But it is the first time in Michigan history that 501(c)3 tax exempt bond financing issued by the Commission is being used.
Executive Director Jennifer Hall says it could lead to comparable housing strategies.
“It’s been in other states. And so, successfully using this tool will be a good model to scale up and help other communities do similar projects.”
The purchase price is $1.2 million with total development cost around $19.5 million.
Hall says any current residents whose income exceeds affordable housing limits will be grandfathered in. When they move, the new renters will be low-income.
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