The Michigan State Housing Development Authority (MSHDA) today announced that a new 48-unit elderly development will be built in the City of Charlotte with the help of a $1,195,000 mortgage loan.

“MSHDA remains committed to helping residents throughout Michigan achieve affordable rental housing,” MSHDA executive director James L. Logue III 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.”

Sugar Mill Apartments, to be located on the east side of North M-52, will consist of 44 one-bedroom and three two-bedroom apartments and one manager’s unit in one two-story building. Amenities will include microwave ovens, central air conditioning, cable television hook-ups, common laundry facilities and balconies or patios for 36 of the units.

Sugar Mill Apartments will be financed under the HOME TEAM Advantage tax-exempt bond program.

In addition to the MSHDA mortgage, federal HOME assistance in the amount of $844,486 will be provided. The use of HOME funds will require the designation of 11 units targeted to low-income households. The remaining units will be made available to households with incomes below 60 percent of area median.

Logue said the investments will create approximately 55 full-time, year-long jobs in construction and related trades.
Initial occupancy for Sugar Mill Apartments is scheduled for May 2004.

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