Michigan State Housing Development Authority Announces $4.1 Million Loan for Elderly Housing in Jackson County.

JACKSON, Mich., Sept. 26 /PRNewswire/ -- The Michigan State Housing Development Authority (MSHDA) announced that a new 80-unit cottage style rental development for low to moderate-income elderly residents will be built in Blackman Township with the help of a $4,101,908 mortgage loan.

"I am pleased that MSHDA remains committed to helping residents throughout Michigan achieve affordable rental housing," MSHDA executive director Michael R. DeVos said. "This development is an example of how the Authority is working to increase the supply of affordable apartments that have rent levels within reach of our state's low to moderate-income families and elderly people."

Village of Spring Meadows will be an 80-unit cottage style development for elderly residents located at 3201 County Farm Road in Blackman Township. Amenities will include: mini blinds, dishwashers, frost-free refrigerators, microwave ovens, through wall air conditioning, washer and dryer hook-ups, cable television hook-ups, LAN Internet access, patios, attached garages and a separate community building.

Village of Spring Meadows will be financed under the Authority's "TEAM Lending" tax-exempt bond program, which offers a financing rate of 6% and a 35-year mortgage.

The total development cost for the Village of Spring Meadows will be $8,154,785. DeVos said the investments will create over 84 full-time, yearlong jobs in construction and related trades. Initial occupancy for Spring Meadows is scheduled for August 2008.

MSHDA is a quasi-state agency that 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, and address homeless issues. MSHDA's loans and operating expenses are financed through the sale of tax-exempt and taxable bonds and notes to private investors, not from state tax revenues. For more information on MSHDA programs and initiatives, visit the Web site at http://www.michigan.gov/mshda.

CONTACT: Mary Lou Keenon, Communications of Michigan State Housing Development Authority, +1-517-373-0011

Web site: http://www.mshda.org/ http://www.michigan.gov/mshda