Sault Saint Marie to get Affordable Family Housing Development

                                                                        
The Michigan State Housing Development Authority (MSHDA) announced today that its board approved a mortgage loan for Park Place City Center, a 24-unit family development in the city of Sault Sainte Marie in Chippewa County.

"I am pleased that MSHDA remains committed to helping residents throughout Michigan achieve affordable rental housing," MSHDA executive director Keith Molin said.  "This development is an example of how the Authority is working to increase the supply of affordable housing"

The project will incorporate a mixed use approach with commercial space on the first floor and 24 family units spread throughout the upper floors. The commercial space will be separated via a condominium arrangement and sold. Proceeds from the sale of the commercial space will be used as a resource within the development. Expected occupancy is October 2011.
The Michigan State Housing Development Authority is dedicated to building a thriving and vibrant future for Michigan. MSHDA provides tools and resources to improve people's lives through programs across the state. These programs assist with housing, build strong neighborhoods, and help create places where people want to live and work. MSHDA's programs work in four areas: affordable rental housing; supporting homeownership; ending homelessness; and creating vibrant cites and neighborhoods.*

*MSHDA's loan and operating expenses are financed through the sale of tax-exempt and taxable bonds as well as notes to private investors, not from state tax revenues. Proceeds are loaned at below-market interest rates to developers of rental housing, and help fund mortgages and home improvement loans. MSHDA also administers several federal housing programs.

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For local information contact the sponsor

SPONSOR:
G.A. Haan Development, LLC
380 Franklin Street, Suite 104
PO Box 556
Harbor Springs, MI 49740
Individual Assigned: Gerald A. Haan
Telephone: (231) 526-7380
Fax: (231) 526-7390
Email: Gerald@phoenixholding.us