MSHDA ANNOUNCES $7 MILLION IN LOAN FOR ELDERLY HOUSING IN OAKLAND COUNTY

Contact: Office of Communications 517-373-0011

Agency: State Housing Development Authority

The Michigan State Housing Development Authority (MSHDA) today announced that 126 units of elderly rental housing will be renovated in Rochester Hills with the help of a $6,956,014 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 elderly and low to moderate- income families."

Cliffview Apartments, with 126 units of elderly housing, is located at 1691 Cliffview Drive just west of Rochester Road in the city of Rochester Hills. It consists of 102 one-bedroom and 24 two-bedroom apartments in 10 buildings.

Improvements to the apartments will include replacing carpet and floor tile, paint, cabinetry, countertops, kitchen appliances, tubs, bathroom sinks and vanities, and air conditioning units as needed. All units will receive new toilets, peepholes, microwaves, dishwashers and smoke detectors.

All of the common corridors and building entries will be redone, including replacing carpeting, hallway lighting, door hardware, mini blinds, and paint. Common laundry equipment will be replaced as needed. The buildings will be re-sided, sidewalks will be repaired, landscaping will be upgraded, and a garden will be added.

Cliffview 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.

Almost 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 December 2004.

###