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.