
FOR IMMEDIATE RELEASE
December 6, 2002
The Michigan State Housing Development Authority (MSHDA) today
announced that 39 units of new rental housing for low and moderate income
families will be built in Montcalm County with the help of a $1,604,577 mortgage
loan.
“MSHDA remains committed to helping residents throughout Michigan achieve
affordable rental housing,” MSHDA executive director James L. Logue
III said. “These developments are an example of how the Authority is
working to increase the supply of affordable apartments that have rent levels
within reach of lower income families in our state’s smaller communities.”
Village Crossings, to be located on the west side of 1st Street, north of
Main Street in the Village of Edmore, will consist of eight one-bedroom, 17
two-bedroom, and 14 three-bedroom apartments in five two-story buildings.
Amenities will include dishwashers, central air conditioning, individual washers
and dryers, balconies or patios and a community building.
Village Crossings will be financed under the Tax-Exempt Bond Financed Program
(TEAM), 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 $845,536 assisting 11 units. The HOME
TEAM Advantage program requires that 10 percent of the units be both income
and rent restricted to be affordable to extremely low income households with
incomes at or below 30 percent of area median, adjusted for family size.
Logue said the investments will create nearly 47 full-time, year-long jobs
in construction and related trades.
Initial occupancy for Village Crossings is scheduled for December 2003.