In June 2014, development partners, government officials, and investors celebrated the grand opening of the newly renovated apartment homes, Bristle Arms, in White Pigeon, Michigan. Partnerships across public, private and the non-profit sector have enabled major renovations, totaling nearly $1 million, to the affordable housing community of White Pigeon.
“Every community in Michigan needs affordable housing, especially housing that is affordable and aesthetically pleasing,” President and CEO of Cinnaire Mark McDaniel remarked. “Bristle Arms provides beautiful, quality homes for families in rural areas with limited options; homes we are proud to support through our investment funds.”
Cinnaire (Cinnaire) invested over $1.5 million to finance the acquisition, rehabilitation and preservation of Bristle Arms Apartments with equity raised through federal Housing Tax Credits.
“Safe, sanitary, quality affordable housing is needed in every community, and especially in rural communities who often take a back seat to larger urban centers,” Jeff Gates said, principal of TJ Acquisitions, LLC, the General Partner “The newly completed renovations at Bristle Arms apartments ensure there is affordable and quality housing for families, seniors and persons with special needs for many years to come.”
The development team for this exciting project includes developer, TJ Development, LLC; general contractor, Watermark Construction, LLC; architect, ARRC Associates, Inc.; property manager, KMG Prestige, Inc.; and accountant, McCartney & Company.
These renovations have made the apartment homes more energy efficient, provided all new appliances to the apartment homes, and earned the property an Enterprise Green Community designation. In addition to updating all the rooms and amenities inside the building, the outside of the apartment building received an aesthetic makeover as well – enhancing the beauty and charm of the White Pigeon community.
Permanent sources of financing for Bristle Arms includes Housing Tax Credit equity from Cinnaire, a second mortgage from Horizon Bank, and the assumption of existing debt held by USDA Rural Development. The Michigan State Housing Development Authority (MSHDA) is the state agency that administers the federal tax credits.
