The City of Eaton Rapids is putting the final touches on the renovation of five downtown lofts that were paid for in large part with a $243,900 grant the city received from the Michigan State Housing Development’s (MSHDA) Housing Resource Fund in 2006.
"The program has been a great success," says Mayor Jamie Davidson. "The first grant stimulated more than $200,000 in private investment in our downtown along 
with the grant money. Indications are that the same will happen with the second grant, and in just a few years, we will have nearly a million dollars of investment in our downtown through this program."
The grant allows owners to apply for up to a $25,000 forgivable loan in which they must match at least 25 percent. In exchange, they must rent the apartments out at affordable rates for five years. After five years, owners can rent the apartments out at market rates. Owners may also be eligible for an additional $10,000 for lead abatement.
"The program is a win-win for everyone," says Davidson. "The building owners get help rehabilitating our beautiful downtown buildings and creating income from using the space that was vacant; the community receives additional housing options; and there are more people living downtown and frequenting our businesses. We are very grateful to MSHDA for this grant."
Source: Brian Reed, City of Eaton Rapids
Ivy Hughes, development news editor, can be reached here.
All Photographs © Dave Trumpie
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