MSHDA approves funding for affordable housing projects
The Michigan State Housing Development Authority has approved funding for four affordable housing projects. One addresses construction cost increases in Grand Rapids.
The Michigan State Housing Development Authority is supporting affordable apartment projects in Clawson, Detroit, Grand Rapids and Kalamazoo. MSHDA is providing loans for a total of 760 affordable rental housing units. That includes the construction of 466 apartments and preserving 300 more.
In Grand Rapids, MSHDA’s board approved more than $5.3 million supporting the HOM Flats at Maynard project. Back in March, it received state financing, but with the increase in construction material costs rising above $5 million, the loan will cover those costs and assure the completion of 240 family units. The HOM Flats project received an additional MSHDA loan for short-term construction bridge financing in the amount of more than $11.1 million.