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Board clears ARPA amendment allowing Land Bank to sell East Side condo to buyer just above AMI cap
Summary
County approved an amendment to an ARPA agreement allowing the Land Bank to sell an East Side condominium to a buyer earning 144% of area median income after commissioners heard that selling additional units will help the project move forward.
Kalamazoo County commissioners approved an amendment to an ARPA agreement to allow the Land Bank Authority to sell an East Side condominium unit to a buyer earning 144% of area median income (AMI).
Zach Bauer, executive director, described the buyer as a local young worker who received a promotion and would become a homeowner if the board relaxed the income restriction. "It's an exciting opportunity for a young person ... and this individual will be doing good work to better our community as well," Bauer said. Staff described the development as a shared-equity condominium project that has struggled to move units in the neighborhood; they said selling two units would catalyze sales of the remaining units.
Commissioners discussed the policy intent: whether to enforce strict AMI caps or allow narrow exceptions to secure occupancy and advance the project. Several members supported the amendment as a practical step that would put units in use and reduce project carrying costs.
Vote: motion carried by voice vote.
