Michigan HAP Property - Milan Village-Section 8- HAP Contract-Milan-Michigan

Michigan HAP Property Sold to a National LIHTC Developer

On November 16, 2017, a Michigan HAP property sold to a national LIHTC developer.  The apartments, known as Milan Village, are a 36-unit multifamily community near Ann Arbor, Michigan.  The property is within walking distance to downtown Milan, and all units are covered by an Option 4 project-based Section 8 contract.  The property is made up of 16 one-bedroom units and 20 two-bedroom units spread between three buildings. Select units within each building also have updated cabinets and vanities within.

Multiple offers were procured after marketing, including one from a national affordable housing developer who proposed a relatively quick close.  This buyer was selected due to their strong track record.  Though there was no contingency for tax credits, the seller worked with the buyer to complete a successful application for 9% Low Income Housing Tax Credits to aid in the acquisition and subsequent renovation of the project.

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