70-unit complex is a first for Ann Arbor. Thirty-four apartments welcomed residents in May once the first phase of the building was complete. The second phase of the complex is almost complete and houses 36 apartments.
A third phase, which will welcome an additional 14 units, is planned for the complex.
Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.
Hickory Way is managed by Michigan State Housing Development Authority.