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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