ANN ARBOR AFFORDABLE HOUSING CORP

TO RELIEVE A SHORTAGE OF DECENT, SAFE AND SANITARY HOUSING FOR PERSONS OF LOW INCOME, INCLUDING FAMILIES AND ELDERLY, HANDICAPPED OR DISABLED PERSONS, IN THE CITY OF ANN ARBOR, MICHIGAN AND TO PROMOTE AND ADVANCE DECENT, SAFE AND SANITARY HOUSING FOR SAID PERSONS BY, AMONG OTHER THINGS, FINANCING HOUSING PROJECTS APPROVED BY THE MEMBER THAT ARE USABLE FOR PUBLIC HOUSING PURPOSES OR OTHER CHARITABLE PURPOSES NOT INCONSISTENT. ALSO TO ENGAGE IN OR ASSIST IN THE DEVELOPMENT, FINANCING OR OPERATION, AND CARRYING OUT OR ASSISTING IN CARRYING OUT SUCH LOW INCOME HOUSING PROJECTS, AND FUNCTION WITHIN THE MEANING OF SECTION 3(6) OF THE UNITED STATES HOUSING ACT OF 1937, AS AMENDED, AS AN INSTRUMENTALITY OF THE MEMBER.