LANSING, MI (WHTC-AM/FM, Jan. 23, 2024) – A proposed 202-unit development to address the need for low-income housing in Holland is getting a financial boost from Lansing.
On Monday, the Michigan State Housing Development Authority Board announced a construction loan of up to $31 million for the construction of HōM Flats at 24 East. Developers plan to designate 61 units for families with a household income at or below the 60 percent level of the area’s median income, with another 52 for households at 40 percent AMI, and 49 units will be reserved for those whose income doesn’t exceed the 80-percent multi-family tax subsidy income limits.
This project at the corner of East 24th Street – hence the name of HōM Flats at 24 East – and Waverly Road has been in the works for nearly three years, with initial plans for a five-building complex of one-, two- and three-bedroom units altered last summer to three buildings with an 88-hundred square-foot community/childcare center, along with five thousand square feet of commercial space. Magnus Capital Partners have built several such developments in the region, including one off of Felch Street on Holland’s North Side, and a limited partnership it created to purchase the property and proceed with the project was granted a PILOT Resolution Development Agreement and Municipal Services Agreement by the Holland City Council last August.
All Magnus Capital would say about this project on its website right now is that it is “coming 2024.”
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