Ann Arbor to Put Proceeds from Sale of Y Lot In Affordable Housing Fund
The City of Ann Arbor lost 100 units of low-income housing when they had to close the former YMCA building. Now that the property at 350 South Fifth Avenue is about to be sold the city’s affordable housing will get almost $1.4 million.
City Council Monday night voted to put all of the revenue from the sale of the property to affordable housing after covering the initial purchase price, closing and broker fees.
Mayor John Hieftje explains that some of the funds could be used to provide some important services to help keep tenants in Miller Manor. Hieftje adds that the city has made real progress in finding funds for affordable housing in the last year.
The sale of the Y-Lot to Dennis Dahlmann is expected to close by the end of March.