ANN ARBOR, MI — The Ann Arbor Housing Commission is getting another sizable funding boost as it prepares to break ground on a 20-story affordable housing high-rise.
The Michigan State Housing Development Authority announced its board has authorized $118.6 million in funding for the development planned at 350 S. Fifth Ave.
It’s expected to help bring 329 new apartments for low- to moderate-income households to downtown Ann Arbor, with building amenities including a fitness center, community rooms and co-working space, along with about 6,000 square feet of ground-floor commercial space.
The MSHDA board also approved funding for 48 affordable housing units in Grand Traverse County and 68 senior units in Livonia, as well as bonds to fund down-payment assistance and mortgages at reduced interest rates to make homeownership more attainable for Michigan residents…