GREAT LAKES CAPITAL FUND INVESTS $1.6 MILLION IN AFFORDABLE FAMILY HOUSING, CREATES 36 JOBS
SPRINGPORT – Cinnaire (Cinnaire) recently invested $1.6 million to rehabilitate Green Meadows Apartments in Springport, MI.
Green Meadows will provide 24 apartment homes for working families. Through construction and recurring costs of operation, Green Meadows is projected to support 36 of jobs to the rural area of Springport and beyond.
Additionally, the $1.7 million investment of Housing Credit equity will add $304,320 to local taxes and revenue, and $2,472,000 to local incomes – first-year and recurring costs combined, according to statistics from the National Home Builders Association and the Historic Tax Credit Coalition.
“thanks to Housing Credit investments, Green Meadows has been rehabilitated and is providing even more affordable homes for working families to live and play in this rural area.” Cinnaire President and CEO, Mark McDaniel, stated. “It’s all about people. This project is really unique and cool.”
The structures were originally built in 1984 and there have been no extensive improvements since then. The rehabilitation of the structures will achieve Enterprise Green Communities Certification for Moderate Rehab, demonstrating the developer’s commitment to environmental stewardship and keeping utility costs low for residents.
The development team for this exciting project includes: TJ Development LLC, project developer; Watermark Construction, LLC, general contractor; ARRC Associates, Inc., project architect; KMG Prestige, property management; McCartney & Company, accountant; and Mallory, Lapka, Scott & Selin PLLC, developer’s counsel.