LANSING, Mich. – In its February meeting, the Michigan State Housing Development Authority (MSHDA) Board approved funding for attainable housing projects in Saginaw, Walker and Detroit. The Board also authorized the sale of a series of bonds to fund single-family mortgage loans and down payment assistance loans, furthering MSHDA’s mission of increasing housing accessibility across Michigan.
“We are moving quickly to address the housing shortage and ensure Michiganders have quality homes,” said MSHDA CEO and Executive Director Amy Hovey. “These developments and the single-family mortgages funded by the bond sales are critical in addressing the state’s housing needs.”
The Board approved a more than $9.7 million loan for the acquisition and rehabilitation of Birch Park, a 120-family housing unit apartment complex in Saginaw. The rehabilitation activities will include new flooring, the addition of energy-efficient appliances, upgraded HVAC systems and more. All the units will be reserved for residents at 60% of Area Median Income (AMI), including 12 units specifically dedicated to households whose incomes are at or below 40% of AMI.
A loan totaling $12.1 million was approved for the acquisition and rehabilitation of the Coventry Woods development in Walker in Kent County by Ginosko Development. This loan will support a comprehensive rehabilitation including new appliances, fixtures, flooring, lighting and more, along with creating 18 temporary construction jobs. All the units will be reserved for residents at 60% AMI, including 11 units specifically dedicated to households at or below 40% of AMI.
Additionally, the MSHDA Board approved more than $17 million in loans for the construction of The Sanctuary at Brewster in Detroit. This 52-unit development is specifically targeted for homeless youths who have aged out of Michigan’s Foster Care system. The Sanctuary at Brewster will also provide wrap-around services for individuals experiencing homelessness or are at risk of experiencing homelessness, regardless of age.
The Board also authorized the issuance and sale of Single-Family Mortgage Revenue Bonds, including 2024 Series A, B and C. Proceeds from the 2024 bonds aim to make housing in Michigan more attainable by funding mortgages at lower than current market rates and providing homebuyers with down payment assistance loans.
The final item authorized by the Board was a grant of $10 million to the Michigan Homeowner Assistance Nonprofit Housing Corporation, which will use the grant to support community development and revitalization, mitigate foreclosures and stabilize home values across the state.
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About MSHDA The Michigan State Housing Development Authority (MSHDA), established in 1966, provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in community economic development activities, develop vibrant cities, towns and villages, and address homeless issues.
