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Council approves 330‑unit affordable housing project at 350 South 5th
Summary
Ann Arbor City Council unanimously approved CA‑15 and CA‑16 to fund and grant a PILOT for a 330‑unit affordable housing development at 350 S. 5th. Staff said the $213 million project will reserve one‑third of units at 30% AMI; financing relies on LIHTC and $43 million in local funds.
Ann Arbor City Council on Dec. 15 approved funding and a payment‑in‑lieu‑of‑taxes agreement for a 330‑unit affordable housing development at 350 South 5th.
City housing staff and partners described the project as entirely affordable to households earning up to 80% of area median income (AMI), with roughly one‑third of units reserved for households at 30% AMI and the rest at 60%, 70% and 80% AMI. The presenters said the full development cost is about $213,000,000 and that roughly $43,000,000 of that is local funding. Staff explained the financing plan relies on multiple sources, with Low‑Income Housing Tax Credits (LIHTC) covering a large share — commonly 40%–60% — and…
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