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1/23/24 - MSHDA Board Approves Funding For Housing Across Michigan

Tuesday, January 23, 2024 at 8:18 AM

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Funding will become available for multiple housing developments in Michigan and increase the number of affordable options.

Lansing, Mich. – (Press Release) - In its January meeting, the Michigan State Housing Development Authority (MSHDA) Board approved funding for multiple housing developments across the state, including Holland, Garfield Township, Center Line, Lawrence and Hartford.

“Preserving and creating new housing is a critical need in every corner of the state,” said MSHDA Chief Executive Officer and Executive Director Amy Hovey. “The funding approved by the Board will increase the number of affordable homes available for families, seniors and others in areas where our current housing supply is not meeting demand.”

The Board approved a construction loan of up to $31 million for HōM Flats at 24 East, a proposed 202-unit development in Holland. The development will feature 61 units for families with a household income at or below 60% area median income (AMI) and 52 units for households at 40% AMI. Additionally, 49 units are reserved for residents whose income does not exceed the 80% multifamily tax subsidy income limits.

The Board also signed off on a loan totaling $20.8 million to acquire and rehabilitate Lawrence Park, a 252-unit family/senior housing development in the City of Center Line. All units, except for two employee-reserved units, will be available for tenants at 60% AMI; of those units, 26 will be further restricted to 40% AMI. Three will have accessibility features. Construction is expected to create 46 temporary jobs for the surrounding community.

The Board approved loans to rehabilitate 66 senior housing units, including 24 one-bedroom units in Brush Creek Apartments in Lawrence, and 42 one-bedroom units in Woodside Apartments in Hartford. Rehabilitation activities will include updating major exterior and interior systems, renovating the units, adding A/C in the hallways of both buildings, adding an awning at Woodside Apartments, adding outdoor seating at Brush Creek apartments and more.

The Board also approved a construction loan of $11.5 million, a permanent loan of $5.9 million, and gap funding of over $4 million for The Village at Garfield – a new, 80-unit development in the Grand Traverse County area. Site amenities will include a play yard, community garden, dog walk area and a central laundry facility.

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