Governor Announces MSHDA Loan for Affordable Housing in Ingham CountyContact:
Office of Governmental and Public Relations (517) 335-2006
Contact: Mary Lou Keenon
Office of Governmental and Public Relations
Telephone: (517) 335-2006
FOR IMMEDIATE RELEASE
April 1, 2002
John Engler announced today that a 160-unit family rental development for low
to moderate-income families will be acquired and substantially rehabilitated
in Holt (Delhi Township) with the help of a mortgage loan not to exceed $6,880,000
from the Michigan State Housing Development Authority (MSHDA).
am pleased that MSHDA remains committed to helping residents throughout Michigan
achieve affordable rental housing," Governor Engler said. "This development
is an example of how the Authority is working to increase the supply of affordable
rental housing with rent levels within reach of lower income families in our
state's smaller communities."
Executive Director James Logue III said the investment will create over 160
full-time year-long jobs in construction and related trades.
Villas I and II is located at 1594 Aurelius Road in Holt (Delhi Township), Michigan.
The development was originally constructed in 1971 and consists of 30 wood frame
buildings. All 160 units - including 16 one-bedroom, 114 two-bedroom and 30
three-bedroom apartments will be targeted to households with incomes at or below
60 percent of area median income.
to the buildings and site will include minor siding repair, replacement of all
roofs, replacement of gutters and downspouts, sidewalk and parking lot repair,
replacement of all entry doors and windows, upgrading of the sprinkler system
and parking lot lighting, construction of three new tot lots, the addition of
a community room and improvements to landscaping.
improvements include adding ceiling insulation, refinishing the hardwood floors,
replacing vinyl flooring and the kitchen and bath cabinets, several interior
doors, many kitchen appliances, adding dishwashers in the two and three bedroom
units, upgrading the electrical service, replacing several sinks, faucets and
water heaters, adding central air conditioning in all units, ceiling fans, replacing
lighting, upgrading smoke detectors and painting throughout.
financed the loan under its Limited Obligation Mortgage Revenue Bonds "Pass
Through Program," which offers low interest loans to for profit or nonprofit
developers for new construction or rehabilitation of rental developments with