Untitled Document

FOR
IMMEDIATE RELEASE
March 5, 2004
The Michigan State Housing
Development Authority (MSHDA) today announced that 52 units of new elderly rental
housing will be built in Ottawa County with the help of a $3,934,000 mortgage
loan.
“MSHDA remains committed to helping residents throughout Michigan achieve
affordable rental housing,” MSHDA acting executive director Rick L. Laber
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 elderly residents.”
Stonebridge Apartments, to be located along the north side of Lake Michigan
Drive in the northwest corner in Allendale Township, will consist of 13 one-bedroom
and 36 two-bedroom one-bath apartments. Unit amenities will include dishwashers,
central air conditioning, individual washers and dryers, balcony or patios,
and cable outlets. In addition, 31 carports will be available to residents at
an extra charge.
Stonebridge will be financed under the Tax-Exempt Bond Financed Program (TEAM),
which offers a financing rate of 5.5 percent interest and a 35-year mortgage
term. All of the units will be for households with incomes no greater than 60
percent of area median.
Laber said the investment will create approximately 80 full-time, year-long
jobs in construction and related trades.
Initial occupancy for Stonebridge Apartments is scheduled for November 2004.
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