Funds will be used to build 77 Apartments for local seniors from Section 202 development funds
Washington, D.C. – November 16, 2011 – (RealEstateRama) — Today Rep. Gary Peters announced a loan of over $10 million from Section 202 development funds to provide affordable housing for low income seniors in Pontiac. This loan will be made to CSI Support and Development Services to build a new 77 unit apartment facility in Pontiac. These funds come as part of a Housing and Urban Development (HUD) program and include a three-year subsidy to help seniors pay for their rent.
“I’m proud to help announce these funds which will help provide housing support for low income seniors during these tough economic times,” said Rep. Gary Peters. “Our seniors have been disproportionately harmed by this rough economy and we need to do all we can to help them stay on their feet, whether it’s providing housing support or standing up for Medicare. CSI Support and Development Services provides an essential function for our community and I’m glad they will be expanding their operation into Pontiac.”
Details of the announcement are listed below:
Project Location: Pontiac, MI
Non-Profit Sponsor: CSI Support & Development Services
Capital Advance: $10,795,500
Three-year rental subsidy: $972,900
Number of units: 77
The funds will be used to construct 77 units of supportive housing for very low income elderly people. All units are one-bedroom. A service coordinator is being provided on site to help particularly frail residents access necessary supportive services. The project will be designed and constructed to be environmentally friendly, including the selection of healthy materials based on high recyclability, high sustainability, and low-energy content, including Energy Star labeled appliances. The project is in close proximity to bus service, shopping, and other community resources.