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November 21, 2022
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MSHDA Board approves development projects that will create or preserve nearly 1,000 units of affordable housing
Lansing, Mich. – The Michigan State Housing Development Authority (MSHDA) Board approved the issuance of bonds and loans to support the construction of four new affordable multifamily housing projects and moved to preserve apartments at another property during its November meeting.
“Four of the development projects will create over 600 new affordable housing units in Michigan at a time when availability of housing for individuals at or below area median income levels is limited,” said Chad Benson, MSHDA rental development director. “These projects represent significant investments and ensure residents in these areas have access to quality housing they can afford.”
The board approved the issuance of tax-exempt bonds and a $63 million construction loan for the Apartments on Clark development in Pittsfield Township. The project will be a mixture of one-, two-, and three-bedroom apartments ranging from 700 to 1,290 square feet. A total of 295 units will be constructed as part of the development.
A two-part development in Ypsilanti will bring 152 senior and 156 family units to the area. MSHDA approved $24.3 million for the development of 845 W. Clark Road Senior Apartments, which will feature 152 senior housing units, and $25.2 million for 845 W. Clark Road Family Apartments, which will offer 156 family units.
The Anchor at Mariners Inn 9% and Anchor at Mariners Inn 4% in Detroit will finance a total of 44 affordable housing units in a single four-story building. The project, situated within the Cass Park Historic District, will have over 4,000 square feet of retail space on the ground floor facing Cass Avenue. The MSHDA Board approved a construction loan of $3.9 million and a permanent mortgage loan of almost $2.3 million.
A project in Flint, called MACH 1, also was approved for a construction loan of $38.9 million, and a permanent tax-exempt mortgage loan of $13.8 million. This funding will be used for the preservation and rehabilitation of four separate existing buildings making up 388 affordable housing units for families. Some of the property improvements planned include replacing all windows, roofing and vinyl siding, installing programmable thermostats and a hardwired smoke/carbon monoxide detection system, cleaning ductwork and more.
It's estimated that for every $1 million in housing construction spending, 16 jobs are created.
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