New $4.7 million affordable housing development planned for Hart
Lansing, MICH. – (RealEstateRama) — Hart residents will soon have access to much-needed supportive housing in their community. The Michigan State Housing Development Authority board recently approved funding for a new 24-unit family development at 600 Water Street.
“Half of the units at Woodland Place will serve the homeless, people with special needs and victims of domestic violence,” said Earl Poleski, executive director at MSHDA. “Supportive housing such as this helps people live more stable, productive lives and is widely believed to be a positive, empowering solution for the most vulnerable individuals and families in our state.”
The development, which will be made up of both apartments and townhomes, earned board approval for 12 project-based vouchers (PBVs) from the Authority’s Housing Choice Voucher Program. These PBVs will cover the designated supportive housing units and the remaining 12 units will be rented to tenants at 60 percent of area median income.
Michigan-based real estate development and consulting firm Gryphon Group, LLC will oversee the project which will be built by T.R. Hovey Construction. The development will be situated on land adjacent to a former railroad right-of-way, now owned by the city and redeveloped with an asphalt bike trail.
The lead organization on the project is Oceana Home Partnership, which will partner with other agencies to provide the necessary wraparound services to the permanent supportive housing tenants.
The Michigan State Housing Development Authority (MSHDA) provides financial and technical assistance through public and private partnerships to create and preserve decent, affordable housing for low- and moderate-income residents and to engage in community economic development activities to revitalize urban and rural communities.*
*MSHDA’s loans and operating expenses are financed through the sale of tax-exempt and taxable bonds as well as notes to private investors, not from state tax revenues. Proceeds are loaned at below-market interest rates to developers of rental housing, and help fund mortgages and home improvement loans. MSHDA also administers several federal housing programs. For more information, visit www.michigan.gov/mshda
Media Contact: Misty Miller
517-373-1858
