The Michigan State Housing Development Authority (MSHDA) today announced that 48 units of new rental housing for low income seniors and families will be built in Wexford County with the help of a $1,154,000 mortgage loan.

“MSHDA remains committed to helping residents throughout Michigan achieve affordable rental housing,” MSHDA executive director James L. Logue III 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 lower income seniors and families in our state’s smaller communities.”

Springfield Apartments and Springfield Senior Citizen Apartments, to be located along the east side of U.S. 131 (Michigan Avenue) in the city of Manton, will consist of two buildings. The senior building will contain 20 one-bedroom and four two-bedroom apartments and the family building will have eight one-bedroom and 16 two-bedroom apartments. Amenities will include central air conditioning, common laundry rooms, balconies or patios and a community building.

Springfield Apartments and Springfield Senior Citizen Apartments will be financed under the HOME TEAM Advantage Tax-Exempt Bond Financed Program, which offers a financing rate of 4.5 percent interest and a 35-year mortgage term. In addition to the MSHDA mortgage, the sponsors will receive a supporting HOME loan in the amount of $816,642 assisting 11 units.

The loan is being made in partnership with USDA-Rural Development, which has committed to fund an $830,000 second mortgage and provide Rental Assistance subsidy for all 48 units. All of the units will be affordable to residents with incomes at or below 30 percent of the area median.

Logue said the investments will create nearly 54 full-time, year-long jobs in construction and related trades.

Initial occupancy for Springfield Apartments and Springfield Senior Citizen Apartments is scheduled for October 2003.

#####