LANSING — The Michigan State Housing Development Authority approved measures to invest in affordable housing and redevelopment.
According to a release from MSHDA, moves included reinstatement and extension of the the Pass-Through Bond Program throught July 2021.
Resolutions approved by the MSHDA board will enable PK Development Group LLC of Okemos “to be reimbursed with bond proceeds for eligible expenses related to acquiring and rehabilitating 264 affordable housing units in rural communities across Michigan,” according to the release.
These 10 projects are reserved for tenants making up to 60 percent of the area median income. Eight of the 10 projects are family housing, two are designated for the elderly.
Property rehabilitation includes “a more than $30 million investment in bond-financed mortgage loans and tax credit equity,” according to the release. MSHDA “anticipates approving at an upcoming board meeting the issuance of more than $19 million in tax-exempt bonds and bond-financed mortgage loans” for the projects.
Three of the 10 projects are in northern Michigan, including Village Apartments in Bellaire and two in Grayling, Whispering Pine Apartments and Grayling Pines.
According to the release, the other properties include:
- Arbor Glen Apartments, St. Charles
- Clairewood Apartments, St. Clair
- Creekside Apartments, Ravenna
- Pine Bluff Apartments (consolidation of Diamondhead Manor and Pine Grove Apartments), Kingsford
- Lakewood Apartments, Stockbridge
- Sable Pointe Apartments, Hart
- Willow Creek Apartments I and II, Escanaba
The Pass-Through Bond Program measure “increases the allowable bond cap to an amount not to exceed $100 million and expands the scope of the pass-through program while also allowing it to better fulfill critical mission objectives throughout the state,” the release said.
The MSHDA also will study mortgage loan feasibility and loan commitments for several projects:
- American House Village at Bloomfield, Pontiac
- Apple Ridge II Development, Kalamazoo
- Brentwood Apartments, Belding
- Greenbriar Apartments Development, Greenville
- Morton Manor Apartments, Detroit
The MSHDA also awarded $700,000 in Emergency Solutions Grant funds to the Michigan Department of Health and Human Services for its Michigan Domestic and Sexual Violence Prevention and Treatment Board for “domestic violence shelters, advocacy services, technical assistance and training,” the release said.