The Michigan State Housing Development Authority (MSHDA) Board approved funding for nine developments during its July meeting, which will create or rehabilitate over 350 attainable housing units across the state – including 37 accessible units.
“Governor Whitmer recently announced significant progress in our efforts to reduce Michigan’s housing shortage – collectively we have reduced the shortage from 190,000 units to 141,000 units,” said Amy Hovey, CEO and executive director at MSHDA. “We are maintaining this progress through the Board’s approval of funding for several projects across the state, increasing the number of available homes for Michiganders.”
The Board authorized a loan of more than $20.4 million to acquire and rehabilitate the existing 125 attainable housing units, including seven accessible units, at Avon Towers in Rochester Hills. The $33.8 million development will create 25 temporary construction-related jobs.
Four Detroit-based affordable housing projects were approved for funding during July’s meeting, Gray Street II apartments, which has 24 unit, with two accessible units, will be rehabilitated with over $9 million in MSHDA funding. Preston Townhomes was approved for $11.5 million in funding and will be equipped with 31 townhomes with five accessible townhomes.
Also in Detroit, the Piety Hill 2 development was approved for over $10 million in funding to rehabilitate the 11 existing apartments on the property and construct 32 new units, three of which will be accessible. A historic rehabilitation, Henry Street 4% Apartments was approved for $17.6 million in loans to finance 44 attainable units, including three accessible units.
The Board approved funding for two developments in Kent County, $9.5 million to rehabilitate the Villa Esperanza Apartments, a two-story development with 40 one-bedroom and one-bathroom senior housing units, including four accessible units in Wyoming. Elmdale Apartments in Grand Rapids, which serves residents with chronic mental illness, will receive $4.8 million for rehabilitate the 18-unit housing community with one accessible unit.
Wellspring, a 72-unit new construction development in Southfield, was approved for $28.7 million in MSHDA loans and $1 million in MSHDA Opioid Settlement funds. Sixty units will be Permanent Supportive Housing units for individuals and/or families with a member coping with a substance use disorder. 12 units will be accessible.
During July’s meeting, the Board also agreed to enter a new Short-Term Credit Facility with the Royal Bank of Canada, borrowing $150 million to finance the purchases of single-family mortgage loans and down payment assistance loans, until permanent financing is in place.
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