MSHDA Announces Loan for Affordable Elderly Housing in Washtenaw County
FOR IMMEDIATE RELEASE
August 9, 2004
The Michigan State Housing Development Authority (MSHDA) today announced that a 151-unit elderly rental development will be acquired and rehabilitated in Pittsfield Township with the help of a mortgage loan of up to $8,155,000.
“MSHDA remains committed to helping residents throughout Michigan achieve affordable rental housing,” MSHDA acting executive director Rick L. Laber said. “This development is an example of how the Authority is working to maintain the supply of affordable rental housing with rent levels within reach of lower income elderly people.”
Carpenter Place Apartments will be located east of Carpenter Road between Packard and Ellsworth Roads in Pittsfield Township. All of the units will be targeted to households with incomes at or below 60 percent of area median income.
Laber said the investment will create nearly 204 full-time year-long jobs in construction and related trades.
MSHDA financed the loan under its Limited Obligation Mortgage Revenue Bonds “Pass Through Program,” which offers low interest loans to for profit or nonprofit developers for new construction or rehabilitation of rental developments.
Copyright © 2004 State of Michigan