FOR IMMEDIATE RELEASE
November 20, 2002

The Michigan State Housing Development Authority (MSHDA) today announced that a total of 276 units of new family and elderly rental housing will be built in Muskegon with the help of $20,615,000 in mortgage loans. The elderly housing is the first congregate care development to be offered in Muskegon.

"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 our state's elderly and low to moderate- income families."

Park Terrace will be a 151-unit family development, located at 1350 Hackley Avenue, west of Barclay Street on the north side of Muskegon. It will consist of 24 one-bedroom, 103 two-bedroom, and 24 three-bedroom apartment units in 13 two-story buildings. Amenities will include dishwashers, central air conditioning, individual washers and dryers, fireplaces, balconies or patios and a community building. One hundred ten carports will be available to residents at an extra monthly cost.

Village of Park Terrace, to be located adjacent to Park Terrace in Muskegon, will be the first elderly congregate care development in Muskegon. It will consist of 74 one-bedroom, 32 two-bedroom two-bath and eight two-bedroom one-bath apartments in a three-story building and eight two-bedroom cottages. Unit amenities will include dishwashers, central air conditioning, emergency call system, balcony or patios, and cable outlets. Common space amenities will include a commercial kitchen, dining areas, lounges, examination rooms, computer room, theater, library, barber/beauty shop, fitness center, guest suites and a private dining area. Optional laundry, light housekeeping, food service and carports will be available to residents at an extra charge.

Both developments are located at the site of the present Hackley Glen Apartments. The proposal calls for the demolition of the existing development and temporary relocation of current residents.

Park Terrace and Village of Park Terrace 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. Under this program, 40 percent of each unit type will be occupied by renters with incomes at or below 60 percent of area median.

Logue said the investments will create over 303 full-time, year-long jobs in construction and related trades.

Initial occupancy for Park Terrace is scheduled for July 2003; for Village of Park Terrace, occupancy is slated for October 2003.