Gognwer News Service
The Michigan State Housing Development Authority Board approved loans during its Thursday meeting for six projects in Kent, Ottawa, Oakland, and St. Clair counties.
A $19 million loan was approved for the North Port Apartments development in Port Huron, which will consist of 251 units and cost $39 million in total. The board voted to finance the loan with a multi-family housing revenue bond.
In Pontiac, the Lafayette Place lofts development was approved for sale and assumption of a mortgage loan by Great Lakes Housing Services, which officials said would preserve the affordability of the units within the development and prevent residents from being displaced during a transition in ownership.
Developments in Grand Haven Township and Coopersville were also authorized to receive mortgage loans, as were projects in Grand Rapids and Walker.
The board also received an update on implementation of the statewide housing plan, which MSHDA Chief Strategy and Engagement Officer Tim Klont said continues to
advance. The initial goal of the plan was to produce or preserve 75,000 housing units by September 2026, a number which was recently increased to 115,000.
"We have about two years left to go," Klont said. "At the end of September 2024 (we had) 58,885 housing units since we started tracking, so just under 60,000, which puts us a little bit more than halfway to the 115,000 goal, which was increased from the 75,000, so it's ambitious, but we're still optimistic."
The Michigan State Housing Development Authority Board approved loans during its Thursday meeting for six projects in Kent, Ottawa, Oakland, and St. Clair counties.
A $19 million loan was approved for the North Port Apartments development in Port Huron, which will consist of 251 units and cost $39 million in total. The board voted to finance the loan with a multi-family housing revenue bond.
In Pontiac, the Lafayette Place lofts development was approved for sale and assumption of a mortgage loan by Great Lakes Housing Services, which officials said would preserve the affordability of the units within the development and prevent residents from being displaced during a transition in ownership.
Developments in Grand Haven Township and Coopersville were also authorized to receive mortgage loans, as were projects in Grand Rapids and Walker.
The board also received an update on implementation of the statewide housing plan, which MSHDA Chief Strategy and Engagement Officer Tim Klont said continues to
advance. The initial goal of the plan was to produce or preserve 75,000 housing units by September 2026, a number which was recently increased to 115,000.
"We have about two years left to go," Klont said. "At the end of September 2024 (we had) 58,885 housing units since we started tracking, so just under 60,000, which puts us a little bit more than halfway to the 115,000 goal, which was increased from the 75,000, so it's ambitious, but we're still optimistic."
––––––––––––––––––––
Subscribe to the Legal News!
http://legalnews.com/Home/Subscription
Full access to public notices, articles, columns, archives, statistics, calendar and more
Day Pass Only $4.95!
One-County $80/year
Three-County & Full Pass also available
