MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY ANNOUNCES $3.7 MILLION LOAN FOR FAMILY HOUSING IN WASHTENAW COUNTY

ANN ARBOR –The Michigan State Housing Development Authority (MSHDA) announced that a new 32-unit rental development for low to moderate-income families will be built in Ann Arbor with the help of a $3,734,005 mortgage loan.

“I am pleased that MSHDA remains committed to helping residents throughout Michigan achieve affordable rental housing,” MSHDA executive director Michael R. DeVos said. “This development is an example of how the Authority is working to increase the supply of affordable apartments that have rent levels within reach of our state’s low to moderate-income families.”

The Oaks of Ann Arbor will be a 32-unit development for families located on Valencia Drive in the city of Ann Arbor. Amenities will include: mini blinds, dishwashers, frost-free refrigerators, in-unit washers and dryers, central air, cable television hook-ups, Internet access, one-car attached garages, basements in each unit, a tot lot, 25% brick exterior and lawn irrigation systems.

The Oaks of Ann Arbor will be financed under the Authority’s “TEAM Lending” tax-exempt bond program, which offers a financing rate of 6% and a 35-year mortgage. The development will be the second phase of The Oaks of Ann Arbor, a 12-unit development being financed under the 9% tax credit program. To ensure the units are reserved for low to moderate-income Michigan residents, the 32-units must be available for occupancy by households whose incomes do not exceed 60% of the area median income.

The total development cost for The Oaks of Ann Arbor will be $3,734,005. DeVos said the investments will create over 63 full-time, yearlong jobs in construction and related trades.

MSHDA is a quasi-state agency that provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in community economic development activities, and address homeless issues. MSHDA’s loans and operating expenses are financed through the sale of tax-exempt and taxable bonds and notes to private investors, not from state tax revenues. For more information on MSHDA programs and initiatives, visit the Web site at www.michigan.gov/mshda.

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