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Three affordable housing projects receive funding approval for property upgrades rehabilitations
January 23, 2023
Three affordable housing projects receive funding approval from MSHDA Board
for property upgrades, rehabilitations
Lansing, Mich. – The Michigan State Housing Development (MSHDA) Board approved bonds and loans for the rehabilitation of three affordable housing developments during its January meeting.
“These rehabilitation projects are part of our efforts to increase the availability of safe, attainable housing to Michigan residents across the state,” said Chad Benson, rental development director for MSHDA. “The rehabilitation activities will include general repairs and appliance upgrades aimed at making these developments more energy efficient and safe – contributing to the overall well-being of the residents and the community.”
The board approved the issuance of bonds to finance a $12.7 million loan for 800 East Court Street Village, a $23.6 million development in Flint, which will be equipped with 149 rehabilitated senior units. All units, including 111 one-bedroom and 38 two-bedroom units, will be targeted to households at or below 60 percent of the area median income. The building – which includes a federally qualified health center – will be remodeled with updates of major building systems, elevators, interiors, common areas, windows, roofing, and more.
Brainard Street Apartments II in Detroit will receive a tax-exempt bond mortgage loan from MSHDA in the amount of $11.1 million, and a permanent mortgage loan in the amount of $7.2 million, to conduct extensive rehabilitation to 120 multifamily units. The funds will be used to upgrade kitchens, baths, HVAC systems and more. Additionally, the development set up a rent subsidy reserve account in the amount of $192,750 to protect existing residents from rent increases above 5% for up to five years.
The MSHDA board also approved a tax-exempt bond construction loan of $19.5 million and a permanent mortgage loan for $10.8 million to redevelop 200 housing units at Manchester Place Apartments in Highland Park. The funds will go toward the rehabilitation of one- and two-bedroom apartments and two- and three-bedroom townhomes at the site.
A two-part development in Ypsilanti, 845 W. Clark Rd. Family and Senior Apartments, offering 156 and 152 units respectively, has been approved by the Board to receive an extended lapse date regarding their issuance of housing revenue bonds. The deadline for the sale and delivery of the bonds has been extended from January 31, 2023, to March 31, 2023.