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LANSING, Mich. – During its February meeting, the Michigan State Housing Development Authority (MSHDA) Board approved more than $27 million in loans to support the construction of a new affordable housing project in Howell Township.
The board approved a tax-exempt bond construction and permanent mortgage loan for $27,251417, and a permanent subordinated loan for $314,221, to finance the construction of Union at Oak Grove. The development will offer 220 units for income-qualified households with incomes at 60% of the area median income. It will feature 72 one-bedroom units, 108 two-bedroom units, and 40 three-bedroom units, all of which will feature modern amenities such as in-unit washers and dryers and on-site parking for residents and guests.
“At MSHDA, our vision is to give every Michigan resident access to quality, affordable housing as a foundation for them to reach their full potential,” said Chad Benson, MSHDA rental development director. “Projects like Union at Oak Grove that bring new affordable housing stock to the market are incredibly important for bringing that vision to life.”
A measure also was approved to enter into a revolving line of credit with US Bank. The agreement will allow for MSHDA to borrow up to $100 million to fund the purchase of single-family mortgages and down payment assistance loans, like the recently announced MI 10K DPA program, prior to the issuance of long-term financing.
Katie Bach, BachK@michigan.gov