Avalon Housing - The Grove at Veridian
The Grove at Veridian
2260 Platt Road, Ann Arbor, MI
50 Total Units
- 14 one-bedroom; 10 two-bedroom; 21 three-bedroom; 5 four-bedroom units
- 30 Total Project-Based Vouchers
- With vouchers, tenant rent is 30% of income
- Remaining rents set under 35% of Area Median Income
Funding Sources
- MSHDA Low Income Housing Tax Credits (Limited Partner: National Equity Fund) - $ 13,379,912
- Washtenaw County HOME - $ 1,925,000
- City of Ann Arbor Housing Millage - $ 1,900,000
- Federal Home Loan Bank AHP (Sponsored by Old National Bank) - $ 500,000
- State Enhancement Grant - $ 250,000
- Dave and Louise Lutton Fund at AAACF - $ 50,000
- General Partner Equity - $ 6,900
- Cedar Rapids Bank & Trust Perm Loan - $ 2,810,000
- Construction Loan through Huntington National Bank
TOTAL: $20,821,812
Additional Funding
- Supportive Housing Services Funding through the Ann Arbor Affordable Housing Millage
- Predevelopment funding: Corporation for Supportive Housing and MSHDA
- PILOT through the City of Ann Arbor
- Ann Arbor Housing Commission vouchers (30)
Design Goals and Highlights
- All ground floor units (34) are visitable (no step entries, wide entry doors and halls)
- 15% of units (8) are fully barrier-free
- All-electric. Achieving National Green Building Standards and Enterprise Green Certification
- Wireless internet provided
- On-site Community Center and playground