MSHDA ANNOUNCES $3.6 MILLION IN LOAN FOR ELDERLY HOUSING IN KENT COUNTY

Contact: Office of Communications 517-373-0011

Agency: State Housing Development Authority

The Michigan State Housing Development Authority (MSHDA) today announced that 127 units of elderly rental housing will be renovated in Wyoming with the help of a $3,630,625 mortgage loan.

“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 increase the supply of affordable apartments that have rent levels within reach of our state’s low to moderate- income elderly people.”

Pine Oak Apartments, with 127 units of elderly housing, is located at 850 36th Street S.W. in central Wyoming. It consists of 127 one-bedroom apartments and 36 two-bedroom in one six-story building.

Initial improvements to the apartments will include replacing window blinds, light fixtures, swing and bi-fold doors, hood vents, and bathroom accessories.

For the building exterior, all windows and sliding glass doors will be replaced. The fresh air exchange on the roof, building light fixtures and roofing over the elevator shaft will be replaced. Deck railings and exterior doors will be painted.

Site renovations will include sidewalk repair or replacement, parking lot light fixture upgrades, and replacement of landscaping damaged during renovation.

Pine Oak Apartments will be financed under the Section 236 Preservation Program, which provides for prepayment of an existing mortgage and issuance of a new mortgage to maintain the development as moderate income housing.

Nearly all of the units will be made available to residents at or below 60 percent of area median.

The rehabilitation is scheduled for completion by August 2005.

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