What’s happening: Senior housing projects in Bad Axe and Traverse City have been approved for new funding from the Michigan State Housing Development Authority (MSHDA). The news makes possible for renovations to Woodworth Square in Bad Axe, and the construction of a new 46-unit affordable housing development for seniors in Traverse City.
What’s planned: In Traverse City, the MSHDA Board has approved mortgage loans for Parkview Apartments, which will be located at 1223 E. Eighth St. The new-build will feature 46 units of senior housing set at affordable rates, a process which takes into account area median income (AMI) to set rent at below market rates. The $16.9 million, four-story development will finance 23 of its units with Tax-Exempt Bonds and MSHDA gap funding and 23 of its units with Taxable Bonds. The Traverse City Housing Commission will also provide eight project-based voucher units in total.
What else is planned: The senior living facility Woodworth Square Apartments in Bad Axe, also an affordable housing development, first opened in 2007. MSHDA has approved a loan modification that adds approximately 15 years to the loan’s maturity date, which provides savings for the apartment management group Innovative Housing Development Corporation to fund repairs, maintenance, and other operating expenses for the 28-unit senior development.
Two for the city: The MSHDA Board also approved an $18.5 million loan for the construction of Greenhouse Apartments, a 220-unit senior development, and a $500,000 loan for the rehabilitation of Circle Drive II Apartments, a 112-unit family development. Both affordable housing developments are in Detroit.
Why it’s important: “These developments reflect the need for strong and diverse efforts to address the housing shortage in Michigan,” says Amy Hovey, executive director at MSHDA. “By financing new affordable housing projects and the rehabilitation of already established developments, MSHDA continues to make progress on the goal of 75,000 new or rehabilitated housing units by 2026.”
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