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April 22, 2022
Media Contacts:
Katie Bach, BachK@michigan.gov
Anna Vicari, VicariA@michigan.gov
Board also approves issuance of up to $215M in Rental Housing Revenue Bonds
Lansing, Mich. – The Michigan State Housing Development Authority (MSHDA) Board approved a pass-through loan of $11.150 million for rehabilitation of 193 elderly housing units at Bowin Place Apartments in Detroit.
The loan, supported during the Authority’s April meeting, will be leveraged to address many improvements across the property, common spaces, and residential units. This includes significant remodeling and rehabilitation to roads/walkways, including landscaping, concrete and masonry, roofing, drywall, tile, carpeting, plumbing, HAVAC and electrical. The total development costs, including acquisition and rehab, are set at about $22 million and the project is expected to create 20 jobs.
Affordability will be maintained following the renovations, with 10 percent of apartments reserved for residents at up to 40% of Area Median Income (AMI) and 172 units reserved for residents at 60% or less of the AMI.
“At a time when affordable housing options are needed across the state, the preservation of existing units is critical,” said Clarence Stone, MSHDA Director of Legal Affairs. “This loan is an important piece of the puzzle ensuring these units remain available to those who need them most.”
The Board also approved two resolutions for the issuance of approximately $215 million in rental housing revenue bonds. This gives staff the ability to price and close the bonds within certain parameters. The 2022 Series A Bonds, tax-exempt fixed rate bonds and 2022 Series B Bonds, variable rate demand obligations, or VRDOs, will be used to fund 15 multifamily developments in an effort to create and maintain quality, affordable housing units for the people of Michigan.
RKG Associates, Inc. was awarded a professional services contract to conduct a study on behalf of MSHDA’s Office of Market Research around the shortage of affordable rental housing for the elderly in Michigan. The work will examine the demographic, economic, and affordability factors contributing to the problem.
“The research that results from this contract will help us determine solutions to best overcome these challenges and help us advance plans and priority areas brought forth in Michigan’s Statewide Housing Plan,” said Tiffany King, MSHDA’s Equity & Inclusion Officer. “Our vision is to see that our state’s housing ecosystem successfully provides safe, healthy, affordable, accessible and attainable housing for all in a community of their choice.”
The board learned that the first-ever, five year Statewide Housing Plan will be launched at the virtual Building Michigan Communities Conference next month.
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