FOR IMMEDIATE RELEASE
December 29, 2003

The Michigan State Housing Development Authority (MSHDA) today announced that a 472-unit elderly rental development will be rehabilitated in Detroit with the help of a mortgage loan of up to $16,500,000.

“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.”

River Towers will be located on Jefferson Avenue in the city of Detroit. The renovation will include the installation of new elevators, boilers and windows. There will be new and improved lighting and new carpet in the common areas. Kitchen cabinets, air conditioning, kitchen appliances, and carpeting and tile will be replaced in the individual units on an as-needed basis. All of the units will be targeted to households with incomes at or below 60 percent of area median income.

Laber said the investment will create nearly 242 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.

#######