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Affordable housing preservation, new construction projects receive MSHDA Board loan approvals
December 18, 2020
Dec. 18, 2020
LANSING, Mich. – Three affordable housing preservation projects and two new construction developments have received approval for loans from the Michigan State Housing Development Authority (MSHDA) Board.
Attwood Gardens will bring 100 new affordable housing units to the City of Wayne in Wayne County. Situated on the campus of The Senior Alliance, a local nonprofit organization, the development will receive loans totaling $9.4 million to help bring it to life. This includes a $7.9 million construction/permanent loan; a $919,671 MSHDA Mortgage Resource Fund (MRF) loan; and a $529,634 HOME loan.
HOM Flats at Felch Street in Holland Township, originally approved in August, has been re-approved by the board for additional funding. The project will have 114 family units configured in three, four-story buildings. Half of these units will be reserved for tenants who are at or below 60% of the area median income, with 15 of the units reserved for tenants at or below 40% area median income. The development will also include units reserved for tenants who are at or below 80% of the area median income as well as market rate units. The project was approved for a total of just under $18.9 million in loans, including a $16.25 million construction and mortgage loan, an $800,000 MSHDA MRF loan, and a $1.8 million HOME loan.
“These projects will create a significant influx of net new affordable housing inventory in their respective communities, giving individuals and families with low and moderate incomes more options and greater access to housing solutions,” said Susan Corbin, MSHDA Board chair and acting director of the Department of Labor and Economic Opportunity. “We’re excited to support these projects and look forward to seeing the positive impact they will have on the City of Wayne and Holland Township communities.”
The four affordable housing rehabilitation projects approved for MSHDA loans include:
- Center Ridge Arms, a 100-unit, five-story family housing development in Hampton Township. Loans totaling more than $8.5 million will be used to refurbish all units to meet the physical needs of the development.
- Center Line Park Towers Apartments II, an existing mixed-use senior development with 300 units in Center Line, will receive about $35.9 million for rehabilitation purposes, such as concrete repairs and repaving of parking areas; building A/C, water pump and boiler replacements; modernization of the elevator cab, controllers and equipment; and more.
- Prince Hall Place Apartments in the Elmwood Park neighborhood of Detroit offer 156 family units across six, three-story buildings and a single-story office and community building. The Board approved a $1.5 million loan to rehab the development, including asphalt paving; concrete entryways; landscaping; HVAC repairs; improvements to the units; and the installation of new security measures.
“The preservation of existing affordable housing is a priority for MSHDA, particularly at a time when the current inventory of affordable housing is limited relative to the demands of individuals and families across the state,” said Gary Heidel, acting executive director of MSHDA. “The loans allocated to these projects by the MSHDA Board will play a critical role in keeping these affordable housing options available to Michiganders for decades to come.”