The Michigan State Housing Development Authority (MSHDA) today announced that a 300-unit elderly rental development will be rehabilitated in the City of Center Line with the help of a mortgage loan of up to $15,067,000.

"MSHDA remains committed to helping residents throughout Michigan achieve affordable rental housing," MSHDA executive director Michael R. DeVos said. "This development is an example of how the Authority is working to maintain the supply of affordable rental housing with rent levels within reach of lower income elderly people."

Center Line Park Towers is located at 8033 East 10 Mile Road in the City of Center Line. All of the units, including 267 one-bedroom and 33 two-bedroom units, will be targeted to households with incomes at or below 60 percent of area median income.

DeVos said the investment will create approximately 309 full-time year-long jobs in construction and related trades.

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.

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