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February 21, 2023
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MSHDA Board authorizes $6.6 million for emergency repairs at Riverview Terrace Apartments in Lenawee County
Lansing, Mich. – The Michigan State Housing Development Authority (MSHDA) Board approved funding for the emergency rehabilitation of a multifamily senior housing community in Adrian during its February meeting.
After serious structural issues were discovered at Riverview Terrace in Adrian in July of last year, the 163-unit building was condemned. Since then, MSHDA, the property owner, management company and community have worked diligently to provide temporary housing for displaced residents and develop a plan return the building to its intended use.
The MSHDA Board agreed to commit $6.6 million to support the completion of structural repairs and general maintenance at Riverview Terrace. The bulk of the proposal will use repurposed COVID Emergency Rental Assistance (CERA) funds, with the remaining money coming from the Housing and Community Development Fund (HCDF).
MSHDA Rental Development Director Chad Benson said it likely would have been more difficult to maintain housing for all existing residents without the recent infusion of funding into the HCDF this fiscal year. Most of the funding for the project will come from the repurposed CERA funds, which have 50% area median income (AMI) restrictions for tenants. HCDF does not have the same AMI restrictions and creates flexibility so that former residents who were temporarily displaced can have the option to return to the property.
“We believe this is the best path to correct the situation, and a lot of good work has been done to create an outcome that will be in the best interest of the residents,” Benson said. “In addition to the structural repairs, the work will include other maintenance such as painting and new carpeting, before residents can move back into the building they called home.”
Benson said once the work starts the repairs are projected to be complete in about eight months.
In other action, the board approved parameters resolutions for the issuance of fixed rate revenue bonds. MSHDA can issue up to $370 million 2022 Series A bond proceeds which will be used to fund 18 multifamily developments. Proceeds from 2023 Series B taxable bonds up to $30 million will be used to fund a portion of these 18 developments. By issuing as taxable, these bonds will preserve MSHDA’s tax-exempt bond cap.
In other action, the board approved parameters resolutions for the issuance of fixed rate revenue bonds. MSHDA can issue up to $370 million 2022 Series A bond proceeds which will be used to fund 18 multifamily developments. Proceeds from 2023 Series B taxable bonds up to $30 million will be used to fund a portion of these 18 developments. By issuing as taxable, these bonds will preserve MSHDA’s tax-exempt bond cap.
The board also approved inducement resolutions for funding the acquisition and rehabilitation of affordable housing projects in New Baltimore, Charlotte and Hillsdale.
“Preserving and rehabilitating housing units around the state is going to be paramount in increasing housing accessibility to low- and middle-income families throughout Michigan – which is a key priority outlined in our Statewide Housing Plan,” said Amy Hovey, executive director of MSHDA. “A rising tide lifts all boats and increasing the supply of safe and affordable housing will lower barriers, uplift communities and improve living conditions for residents around the state.”
The Board approved an inducement resolution to finance a $9.2 million loan for New Baltimore Place, an $18.2 million development in New Baltimore. The development will house 101 units of rehabilitated elderly housing, where 90 percent of units will be reserved for tenants at 60% AMI. Extensive interior improvements will be made to all units, including energy-efficient fixtures and appliances.
Butternut Creek Apartments in Charlotte will also receive an issuance of bonds from MSHDA to finance a $9.7 million loan to acquire and rehabilitate 100 family housing units. In total, the development will cost $19 million and create an estimated 25 jobs.
The MSHDA Board also approved $18.2 million to Related Affordable LLC for the acquisition and rehabilitation of 198 family and elderly affordable housing units at Beacon Hill Apartments in Hillsdale. Extensive interior improvements will be made to all residential units, including new cabinets, showers, toilets, flooring, doors, windows, air conditioning units and more. Ninety percent of the units will be reserved for tenants at 60 percent of AMI. The remaining units will be targeted to households whose income is at or below 40 percent of the AMI.
Additionally, approval was granted for a $2.1 million construction loan increase and a $1.9 million permanent mortgage loan increase to help preserve and rehabilitate the development named MACH 1. MACH 1 is made up of combining four existing developments of 389 family housing units in Flint into one mortgage. The development is using HUD’s Rental Assistance Demonstration (RAD) program to provide project-based rental assistance.
Finally, the board approved improvements to the Missing Middle Housing Program that will allow the funds to be used to meet more housing need across the state. A few of the key changes include:
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