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Governor Announces MSHDA Loan for Affordable Housing in Ingham County

Contact: 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
 

Governor 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). 

"I 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."

MSHDA Executive Director James Logue III said the investment will create over 160 full-time year-long jobs in construction and related trades.

Huntley 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.

Improvements 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. 

Interior 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.

MSHDA 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 50-150 units.





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