Lansing, MI – The Michigan State Housing Development Authority (MSHDA) Board has approved loans for multiple affordable housing developments across the state in its April meeting. The approved projects include new construction developments in Ann Arbor and Garfield Township in Grand Traverse County, and rehabilitation projects in Adrian and Detroit.
The Board approved an $800,000 loan from the Housing and Community Development Fund (HCDF) for the rehabilitation of Riverview Terrace, a 163-unit senior community in Adrian. This loan supplements a previous grant of $6.6 million from February 2023 to cover the cost of additional repairs to the building structure and fire suppression system.
Buersmeyer Manor, a 35-unit development in Detroit, received multiple loans to provide rehabilitation services and ensure each unit remains affordable for low and middle-income families. Twenty-three of the units will be reserved for Permanent Supportive Housing, and 2 units will be accessible. The rehabilitation activities include updated amenities, fixtures and general repairs to maintain the development’s integrity and livability.
The Board also approved loans totaling $62.4 million, including a $46.7 million construction loan, for the Union at A2, a new 250-family-unit development in Ann Arbor with 26 accessible units. The new construction will include 151 one-bedroom units, 68 two-bedroom units and 31 three-bedroom units for families with incomes ranging from 30% to 70% area median income (AMI).
The Flats at Carriage Commons, a new construction project in Garfield Township, was approved for a loan totaling $12 million, financed through Limited Obligation Multifamily Housing Revenue Bonds. The development will have 48 family units with 16 accessible units. Twenty one units will be reserved for tenants at or below 70% of AMI, 19 units will be reserved for tenants at or below 60% of AMI and eight units will be reserved for tenants at or below 30% AMI.
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