City of Ann Arbor Aids in Affordable Housing Merger
Recently the City of Ann Arbor chipped in $300,000 to aid in the merger between Avalon Housing and the Washtenaw Affordable Housing Corp (WAHC). Avalon Housing will take over all WAHC properties and their debt which is estimated to be $3.7 million. While most single and multi-family units will be retained, some properties will be sold off to help pay down the debt. Many of the existing units are in foreclosure and need repair or renovation.
Since the City of Ann Arbor Housing Trust Fund is currently short the funds needed to assist Avalon, they will be tapping the general fund to make a loan. Ann Arbor’s Housing Trust Fund will be replenished soon when several private development projects move forward. Often times private real estate developers will opt to write the city a check instead of providing lower-income units where special zoning is considered. Since the general fund is currently above proposed levels, there is enough surplus for the loan to be granted.
WAHC has received over $100,000 in federal grants monies over the years to help maintain its affordable housing units. If any of the units that received funds were to be sold, those funds would need to be repaid. The merger plan will only target selling units that are not susceptible.
Avalon Housing currently manages 180 units and has been providing Ann Arbor Affordable Housing for 16 years.
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