The Michigan State Housing Development Authority (MSHDA) today announced that 56 units of new rental housing for low and moderate income families will be built in Buena Vista Township with the help of a $4,202,000 mortgage loan.

“MSHDA remains committed to helping residents throughout Michigan achieve affordable rental housing,” MSHDA executive director James L. Logue III said. “These developments are an example of how the Authority is working to increase the supply of affordable apartments that have rent levels within reach of lower income families.”

Mapleview Apartments II, to be located east of the intersection of Genei Boulevard and Outer Drive in Buena Vista Township, will consist of 44 two-bedroom, two-bath and 12 three-bedroom, two-bath apartments. The proposed project is the second phase of a non-MSHDA financed development. Amenities will include dishwashers, central air conditioning, and individual washers and dryers. A swimming pool and tot lot will be available, and 10 carports will be available to residents at an extra monthly cost.

Mapleview Apartments II will be financed under the Tax-Exempt Bond Financed Program (TEAM), which offers a financing rate of 5 percent interest and a 35-year mortgage term. All of the units will be reserved for families with incomes at or below 60 percent of area median.

Logue said the investments will create nearly 88 full-time, year-long jobs in construction and related trades.
Initial occupancy for Mapleview Apartments II is scheduled for April 2004.

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