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MSHDA Board approves loans to support acquisition, rehabilitation of nearly 600 rental units as Gov. Whitmer prioritizes affordable housing
November 22, 2021
Several multifamily housing developments received approval for loans from the Michigan State Housing Development Authority (MSHDA) Board during its November meeting.
The loans will be used to acquire, redevelop and/or rehabilitate nearly 600 units, many of which are designated as affordable. Approvals for these loans comes shortly after Governor Whitmer announced her goal of having 75,000 new or rehabilitated housing units within the next five years as part of her MI New Economy plan.
"Governor Whitmer has made it a priority to address Michigan's housing crisis head-on through ambitious goals and legislation that expands access to safe and affordable housing for all Michiganders," said Chad Benson, MSHDA's rental development director. "MSHDA's loans and tax credits will play an important role in reaching that goal, but we need the support of municipalities, developers and others across the state to solve the housing challenges currently facing our communities."
The developments approved for MSHDA loans at the meeting include:
- Cambridge Square of Flint. An $8 million loan was approved for the acquisition and rehabilitation of 160 affordable housing units.
- Carpenter Place Apartments. A loan for $15 million was approved for the acquisition and rehabilitation of 151 existing elderly units in Pittsfield Township (Washtenaw County).
- Country View III. Located in Benton Harbor, the development was approved for a mortgage loan for $11.6 million for the acquisition, rehabilitation, and permanent financing of the multifamily housing development. A Housing Trust Fund (HTF) Program loan in the estimated amount of more than $4.5 million was also approved.
- Delhi Stratford Place II. The existing multifamily housing development, located in the Township of Delhi in Ingham County, was approved for a mortgage loan of just over $11 million, a HOME loan of $1.055 million, and a Tax Credit Assistance Program (TCAP) loan of $1.055 million.
- Jefferson Meadows II. Located in Detroit, the development contains 66 one-bedroom and 17 two-bedroom apartments for senior occupancy. It was approved for a maximum mortgage loan amount of $7.6 million and a TCAP loan in the amount of $1 million.
The governor earlier this year also announced an historic investment in affordable housing with a proposal that would assist 6,000 Michigan residents, produce 2,000 rental housing units, and create 1,600 good-paying jobs.