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Ann Arbor DDA approves parking agreement to support Fifth Avenue affordable housing project
Summary
The Ann Arbor Downtown Development Authority approved a parking agreement to provide up to 165 off-peak permits at 4th and William to a housing development entity receiving approximately $92,000,000 in low-income housing tax credits; staff said the request came from the project's investor and annual reviews could reduce permits if unused.
The Ann Arbor Downtown Development Authority on May 6 approved a parking agreement giving the Fifth Avenue Michigan Limited Dividend Housing Association LLC access to up to 165 off-peak parking permits at the 4th and William parking structure for up to 15 years to support a new affordable-housing development.
Board materials describe Fifth Avenue Michigan Limited Dividend Housing Association LLC as the legal entity formed by the Ann Arbor Housing Commission to receive approximately $92,000,000 in low-income housing tax credits for the development. At the meeting Jennifer Hall, identified in the packet as representing the housing commission, said the request for permits came from the project’s investor — Hudson Capital and Fannie Mae — as an underwriting comfort; she said developers expect that fewer than half of the permits will actually be used.
The agreement covers off-peak, limited overnight permits valid from 3:30 p.m. to 9 a.m.; the permits would be valid at the 4th and William Structure. Jennifer Hall and other project representatives reviewed the request at the April 15 DDA work session, and staff told the board there will be an opportunity at annual renewal periods to reduce the total number of permits if the development does not need them.
The board approved the resolution by voice vote. The transcript does not include a roll-call tally; the action was recorded as approved.
Next steps: staff will incorporate the agreement into DDA permit management and monitor usage during renewals.
