Lansing, Mich. – The Michigan State Housing Development Authority (MSHDA) Board has approved loans for multiple affordable housing developments across the state in its April meeting. The approved projects include new construction developments in Ann Arbor and Garfield Township in Grand Traverse County, and rehabilitation projects in Detroit and Adrian.
“Secure and attainable housing is a core pillar of what helps Michiganders thrive,” said Chief Executive Officer and Executive Director of MSHDA, Amy Hovey. “By financially backing and eagerly supporting rehabilitation and development, we’re propelling communities across the state to meet the housing needs of residents.”
Buersmeyer Manor, a 35-unit development in Detroit, received multiple loans to provide rehabilitation services and ensure each unit remains affordable for low and middle-income families. Twenty-three of the units will be reserved for Permanent Supportive Housing, and 2 units will be accessible. The rehabilitation activities include updated amenities, fixtures and general repairs to maintain the development's integrity and livability.
The Board also approved loans totaling $62.4 million, including a $46.7 million construction loan, for the Union at A2, a new 250-family-unit development in Ann Arbor with 26 accessible units. The new construction will include 151 one-bedroom units, 68 two-bedroom units and 31 three-bedroom units for families with incomes ranging from 30% to 70% area median income (AMI).
The Flats at Carriage Commons, a new construction project in Garfield Township, was approved for a loan totaling $12 million, financed through Limited Obligation Multifamily Housing Revenue Bonds. The development will have 48 family units with 16 accessible units. Twenty one units will be reserved for tenants at or below 70% of AMI, 19 units will be reserved for tenants at or below 60% of AMI and eight units will be reserved for tenants at or below 30% AMI.
The Board also approved an $800,000 loan from the Housing and Community Development Fund (HCDF) for the rehabilitation of Riverview Terrace, a 163-unit senior community in Adrian. This loan supplements a previous grant of $6.6 million from February 2023 to cover the cost of additional repairs to the building structure and fire suppression system.
During the Director’s remarks, CEO & Executive Director Hovey along with State Treasurer and Board member Rachael Eubanks highlighted “MI Money Matters,” a financial empowerment tool aimed at bringing personalized and interactive services to Michiganders that allow for increased financial insight and literacy.
“Understanding and navigating through the complexities of managing money can be difficult,” said State Treasurer Rachael Eubanks. “MI Money Matters empowers individuals of all ages -- from young adults going to college to retirees – to understand and manage their financial resources. It’s a virtual money tutor that provides interactive tools, videos, and articles to help individuals plan for their future. I encourage all Michiganders to learn how they can be empowered financially.”
The launch of the MI Money Matters platform coincides with National Financial Literacy Month and helps raise awareness of the importance of financial wellness and education.
To get started with the MI Money Matters, go to www.michigan.gov/mimoneymatters.
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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.
