Programs that promote access to affordable housing in Pittsfield will soon receive additional funds thanks to plans approved by Pittsfield trustees during Wednesday’s board meeting.
Trustees unanimously approved plans to adopt a payment in lieu of taxes (PILOT) recapture policy to the owners of the Lexington Pointe apartment community. According to the approved policy, the apartment community was previously under a PILOT agreement due to the community providing housing for low-income residents and families. Under the PILOT agreement, the property owner paid Pittsfield Township a sum equal to 4 percent of shelter rents, minus the cost of utilities, with no additional property taxes. With the apartment community recently changing from Lexington Pointe to Lynden Parke Apartment Homes, the owner lost the PILOT agreement after all apartment units were converted from affordable housing to market value.
The PILOT recapture policy, as introduced to the board by supervisor Mandy Grewal, will result in about $25,000 per year in additional tax revenue from the apartment property. According to the approved policy, the additional funds will be split between the Barrier Busters program in Washtenaw County and the Washtenaw Housing Alliance.
Trustees also unanimously approved a purchase agreement with Waters Oak Valley LLC for the purchase of a 3.98 parcel of land on the southwest corner of Waters Road and Oak Valley Drive. The $1 million land acquisition by the Pittsfield Township includes $615,000 in funds from a Michigan Department of Natural Resources Land Acquisition Grant.