Ann Arbor's Downtown Development Authority has asked the city to commit the funds the DDA spent on the former YMCA lot to affordable housing projects. The DDA board yesterday passed a resolution to waive the reimbursement of their costs on the Y-Lot property, and encourage City Council to commit as much as possible to affordable housing as well.
DDA Board Member Keith Orr says to make a real impact on affordable housing as much money as possible is needed from the $5.25 million for the sale of the Y-Lot.
The DDA estimates after subtracting income from the surface parking lot they have spent $1.49 million on the Y-Lot, primarily for the demolition of the building and preparing the parking lot. The sale of the Y-Lot to Dennis Dahlmann is expected to be completed by the end of the year.