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MSHDA ANNOUNCES LOAN FOR
AFFORDABLE ELDERLY HOUSING IN GENESEE COUNTY
November 22, 2004
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.