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Michigan State Housing Development Authorirty Authorizes Mortgage Loan for Two Developments in Frankfortnbsp;
FOR IMMEDIATE RELEASE
September 16, 2009
Michigan State Housing Development Authorirty Authorizes
Patterson Crossing, will preserve 56 units of affordable family housing in the city of Frankfort using the Tax-Exempt Bond Program with Section 1602 (Monetized Credits) funds. Patterson Crossing is an existing family development, comprised of 56 one-, two-, and three-bedroom apartments in 3 two-story buildings located on two separate sites in Frankfort Benzie County. Thirty-seven (37) units in the development are subsidized by project-based Section 8 Housing Assistance Payments (HAP). The remaining nineteen 19 units will have income and rent restrictions of 60% of area median income.
Gateway Village Apartments will provide 36 units of new affordable family housing in the city of Frankfort utilizing the Tax-Exempt Bond Program with TCAP funds. The sponsor has also been awarded $75,000 in Michigan Green Communities grant money as well as a separate green build grant for $91,200 from MSHDA for the implementation of sustainable building features including a geo-thermal HVAC system for one of the four proposed new buildings on-site. Initial occupancy is expected for April 2010.
The Michigan State Housing Development Authority is dedicated to building a thriving and vibrant future for Michigan. MSHDA provides tools and resources to improve people's lives through programs across the state. These programs assist with housing, build strong neighborhoods, and help create places where people want to live and work. MSHDA's programs work in four areas: affordable rental housing; supporting homeownership; ending homelessness; and creating vibrant cites and neighborhoods.*
*MSHDA's loan and operating expenses are financed through the sale of tax-exempt and taxable bonds as well as notes to private investors, not from state tax revenues. Proceeds are loaned at below-market interest rates to developers of rental housing, and help fund mortgages and home improvement loans. MSHDA also administers several federal housing programs.
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