MSHDA ANNOUNCES LOAN FOR AFFORDABLE ELDERLY HOUSING IN GENESEE COUNTY

Contact: Office of Communications 517-373-0011

Agency: State Housing Development Authority

The Michigan State Housing Development Authority (MSHDA) today announced that a 50-unit elderly rental development will be built in Genesee Township with the help of a mortgage loan of up to $3,300,000.

"MSHDA remains committed to helping residents throughout Michigan achieve affordable rental housing," MSHDA acting executive director Rick L. Laber said. "This development is an example of how the Authority is working to maintain the supply of affordable rental housing with rent levels within reach of lower income elderly people."

Eastside Village will be located on North Genesee Road in Genesee Township. All of the units will be targeted to households with incomes at or below 60 percent of area median income. The sponsor has applied for Genesee County HOME funds in the amount of $1,000,000.

Laber said the investment will create approximately 84 full-time year-long jobs in construction and related trades.

MSHDA financed the loan under its Limited Obligation Mortgage Revenue Bonds "Pass Through Program," which offers low interest loans to for profit or nonprofit developers for new construction or rehabilitation of rental developments.

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