State approves projects to create, preserve nearly 1K affordable housing units
LANSING, Mich. (WNEM) - The Michigan State Housing Development Authority (MSHDA) Board approved the issuance of bonds and loans to support the construction of four new affordable multifamily housing projects and moved to preserve apartments at another property during its November meeting.
The board approved a project in Flint, called MACH 1, for a construction loan of $38.9 million, and a permanent tax-exempt mortgage loan of $13.8 million. The funding will be used for preservation and rehabilitation of four separate existing buildings making up 388 affordable housing units for families, officials said. Some of the property improvements planned include replacing all windows, roofing, vinyl siding, installing programmable thermostats and a hardwired smoke/carbon monoxide detection system, cleaning ductwork and more.
“Four of the development projects will create over 600 new affordable housing units in Michigan at a time when availability of housing for individuals at or below area median income levels is limited,” said Chad Benson, MSHDA rental development director. “These projects represent significant investments and ensure residents in these areas have access to quality housing they can afford.”
The board also approved the issuance of tax-exempt bonds and a $63 million construction loan for the Apartments on Clark development in Pittsfield Township. The project will be a mixture of one, two, and three-bedroom apartments ranging from 700 to 1,290-square feet. A total of 295 units will be constructed as part of the development.
A two-part development in Ypsilanti will bring 152 senior and 156 family units to the area. MSHDA approved $24.3 million for the development of 845 W. Clark Road Senior Apartments, which will feature 152 senior housing units, and $25.2 million for 845 W. Clark Road Family Apartments, which will offer 156 family units.
The Anchor at Mariners Inn 9% and Anchor at Mariners Inn 4% in Detroit will finance a total of 44 affordable housing units in a single four-story building. The project, situated within the Cass Park Historic District, will have over 4,000 square feet of retail space on the ground floor facing Cass Avenue. The MSHDA Board approved a construction loan of $3.9 million and a permanent mortgage loan of almost $2.3 million.
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