STATE HOUSING AUTHORITY ANNOUNCES NEARLY $2 MILLION LOAN FOR ELDERLY HOUSING IN ROSCOMMON COUNTY

Contact: Office of Communications 517-373-0011

Agency: State Housing Development Authority

The Michigan 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 mortgage term.

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.

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