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Friday, 22 July 2016 12:54

Four West Michigan developments get state funding for affordable housing

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Grand Rapids-based development firm Third Coast Development LLC — in partnership with Okemos-based PK Housing and Management Co. — received $562,466 in LIHTC to build 28 affordable housing units at the southeast corner of Leonard Street and Alpine Avenue on the city’s northwest side. Grand Rapids-based development firm Third Coast Development LLC — in partnership with Okemos-based PK Housing and Management Co. — received $562,466 in LIHTC to build 28 affordable housing units at the southeast corner of Leonard Street and Alpine Avenue on the city’s northwest side. COURTESY RENDERING

The Michigan State Housing Development Authority yesterday approved funding for four West Michigan projects through the Low Income Housing Tax Credits (LIHTC) financing program.

Overall, MSHDA allocated about $3.6 million in LIHTC funds to projects in Belding, Grand Rapids, Ludington and Muskegon, according to a series of statements released by the agency.

The state agency awarded $11.8 million to 17 different projects around the state. More than 50 developers statewide submitted applications for the competitive funding, which is typically allocated twice per year.

The credits are part of a public-private partnership to help developers renovate and build affordable housing.

“This program is essential to meeting the housing needs of families, seniors and special needs populations with low or fixed incomes,” MSHDA Executive Director Kevin Elsenheimer said in a statement.

Here is a rundown of the proposed West Michigan projects that received funding.


Leonard and Alpine — Grand Rapids

Grand Rapids-based development firm Third Coast Development LLC — in partnership with Okemos-based PK Housing and Management Co. — received $562,466 in LIHTC to build 28 affordable housing units at the southeast corner of Leonard Street and Alpine Avenue on the city’s northwest side.

The development will also have eight market-rate units and approximately 3,000 square feet of ground-floor retail.

The site currently has a commercial building, duplex house and a vacant lot.

The development was the only project in Grand Rapids to be awarded LIHTC funds out of six applicants, according to documents on the MSHDA website.

Third Coast Development principal Max Benedict told MiBiz that all existing buildings on the site will be demolished, most likely in the early part of next year, with construction beginning after that.

While the developer showed renderings for the project when it went before the city Planning Commission in March, it’s likely the final designs will change somewhat, he said.


Ludington apartments

Ann Arbor-based affordable housing developers LC Consultants LLC received approximately $1.5 million in LIHTC funds to construct two new affordable apartment buildings in downtown Ludington.

Set to be built at 225 Ludington Ave. and 200 Loomis St., each building will have 30 apartments. Eight of the apartments at the Ludington Avenue building will be reserved for “permanent supportive housing,” while three will be set aside for the “chronically homeless.”

Additionally, all of the units at 200 Loomis Street will be senior housing. Half of the units will be reserved for residents making 60 percent of the area median income (AMI) and the other half will be for those making 40 percent of the AMI.


Berkshire-Muskegon senior housing

Downtown Muskegon will get 79 new senior housing units and approximately 5,600 square feet of ground-floor retail at the corner of First Street and Clay Avenue.

Chicago-based General Capital Development LLC was awarded approximately $1.4 million to construct a 79-unit, three-story affordable housing development dubbed Berkshire-Muskegon.

“(This) is the first downtown development site plan to conform to our recently adopted Form Based Code,” said Cathy Brubaker-Clarke, the director of community and economic development for the Muskegon. “This includes minimal setbacks, an attractive building design and commercial space on the first floor.”

As MiBiz reported in 2014, the form-based code adopted by the city Muskegon intends to expedite the overall development process by providing guidelines for the form and design of new construction projects.


Crosswinds Manor — Belding

Lansing-based TJ Acquisitions LLC was awarded $141,013 in LIHTC to renovate the 24-unit Crosswinds Manor, a senior housing facility at 901 North Bridge Street in Belding.

Renovations for the building will include increasing energy efficiency, updating common areas and overall unit improvements.

The facility is reserved for low and “very low-income” senior citizens and those with disabilities.

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