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STATE HOUSING AUTHORITY ANNOUNCES NEARLY $2 MILLION LOAN
FOR ELDERLY HOUSING IN ROSCOMMON COUNTY
August 4, 2004
State Housing Development Authority (MSHDA) today announced that a new 40-unit
rental development for low to moderate-income elderly people will be built in
Markey Township with the help of a $1,807,000 mortgage loan.
"I am pleased that MSHDA remains committed to helping residents throughout
Michigan achieve affordable rental housing," MSHDA acting executive director
Rick 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."
Country Village will be a 40-unit elderly development, located on the east side
of Flint Road, between School Road and Lakewood Drive in Markey Township. It
will consist of 20 one-bedroom and 20 two-bedroom units. Amenities will include
central air conditioning, dishwashers, microwave ovens, washer and dryer hookups,
and patios or balconies.
Country Village will be financed under the HOME TEAM Advantage tax-exempt bond
program, which offers a financing rate of 4.5 percent interest and a 35-year
In addition to the MSHDA loan, the developers will receive a federal HOME loan
in the amount of $629,000 that will help ensure that all of the units will be
available to tenants with lower incomes.
Laber said the investments will create over 53 full-time, year-long jobs in
construction and related trades.
Initial occupancy for Country Village is scheduled for June 2005.