Financing is starting to fall into place for the Near North development on the northern edge of Ann Arbor's downtown area. The affordable-housing development recently nailed down $250,000 more in funding from the feds and expects to hear on the rest by mid May.
"We're hoping to break ground in August or September," says Bill Godfrey, developer of Near North.
But first Three Oaks and Avalon Housing, the two organizations behind the development, are waiting to hear if the development qualifies for the $10 million in state brownfield and affordable housing tax credits. The Michigan State Housing Development Authority is expected to pass judgment by mid May on the $11-million project.
So far the developers have received a little more than $1 million in grant funding from the state, city and Ann Arbor Downtown Development Authority. The DDA's $500,000 grant splits up into $400,000 for the project and extra $100,000 if it achieves gold LEED status.
The developer hopes to turn the 40-apartment project on North Main Street near Depot Street into the gold-standard for green building in Ann Arbor. It plans to incorporate some big-ticket sustainability items, such as geothermal heating and a green roof. It is replacing a handful of single-family homes that will be razed.
The development team plans to build 40 apartments for entry-level workforce (people who make less than $33,000 annually) and provide permanent supportive housing for people who are homeless or have disabilities. The idea is to provide more affordable housing options in the city's center for downtown workers. Today many of those workers live in apartment complexes on the edge of town or in Ypsilanti.
"It’s going to be great for the city," Godfrey says. "It's going to be great for the people living there. We're looking forward to becoming an integral part of the neighborhood."
Source: Bill Godfrey, developer of Near North
Writer: Jon Zemke
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