Posted Apr 23, 2024, 9:32 PM
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Detroiter4life
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Join Date: Jul 2001
Location: Back home in Georgia!
Posts: 4,065
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$62.4M in state loans to help bring 250 affordable housing units to Ann Arbor
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A big affordable housing development in Ann Arbor is getting ready to break ground with a sizable funding boost from the state of Michigan.
The Michigan State Housing Development Authority approved loans for multiple affordable housing developments across the state at its April board meeting.
That includes loans totaling $62.4 million, including a $46.7 million construction loan, for the Union at A2, a project slated to rise at 2050 Commerce Drive between Maple Road and Stadium Boulevard on Ann Arbor’s west side. MSHDA describes it as a 250-unit development that will include 151 one-bedroom units, 68 two-bedroom units and 31 three-bedroom units for families with incomes ranging from 30% to 70% of the area median. Additionally, 26 units are designed to be accessible for people with disabilities.
The Annex Group, an Indianapolis-based developer, has been working on plans for the project with design firm BKV Group and local architect Brad Moore.
City Council approved incentives for the project in February 2023 so the development will be exempt from property taxes and instead pay an annual city fee of $1 per housing unit. The development site is the former corporate office location for Select Ride, a taxicab and limousine business that moved out several years ago. Plans have been in the works to redevelop the site for years, going back to a Chicago developer getting plans approved for 267 market-rate apartments in 2018.
The newer proposal from The Annex Group has been described as workforce housing, something Ann Arbor officials say is lacking in the city.
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https://www.mlive.com/news/ann-arbor...ann-arbor.html
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