Development partners, government officials, including Representative Tim Walberg, and investors celebrated the grand openings of two newly renovated apartment homes, Kalamink Creek in Webberville and Green Meadows Apartments in Springport, Michigan.
Partnerships across public, private and the non-profit sector have enabled major renovations, totaling over $2 million, to the affordable housing stock in the Springport and Webberville communities.
“Rural communities are most in need of affordable housing and the least likely to have it,” President and CEO of Cinnaire Mark McDaniel remarked. “Cinnaire is proud to support and invest in communities like Webberville and Springport. Great people deserve great places to live, and both of these developments provide beautiful, quality and affordable homes for hardworking families in mid-Michigan.”
Cinnaire (Cinnaire) recently invested over $1.5 million to rehabilitate and preserve affordable housing stock at Green Meadows Apartments in Springport, Michigan.
“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 Kalamink Creek and Green Meadows 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 these exciting projects includes developer, TJ Development; general contractor, Watermark Construction, LLC; architect, ARRC Associates, Inc.; property manager, KMG Prestige, Inc.; and accountant McCartney & Company.
The renovations have made the apartment homes more energy efficient, provided all new appliances to the apartment homes, and lowered utility bills for residents. In addition to updating all the rooms and amenities inside the building, the outside of the apartment buildings got an aesthetic makeover as well – enhancing the beauty and charm of the small-town communities.
Permanent sources of financing for both Green Meadows and Kalamink Creek include 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.