In its February meeting, the Michigan State Housing Development Authority (MSHDA) Board approved 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.
“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 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.
The Board also approved funding for housing projects in Walker and Detroit.
