The Michigan State Housing Development Authority (MSHDA) Board has approved a pass-through loan of $11,150 million for rehabilitation of 193 elderly housing units at Bowin Place Apartments in Detroit. The loan, supported during MSHDA's April meeting, will be leveraged to address many improvements across the property, common spaces, and residential units. This includes significant remodeling and rehabilitation to roads/walkways, including landscaping, concrete and masonry, roofing, dry-wall, tile, carpeting, plumbing, HAVAC and electrical. The total development costs, including acquisition and rehab, are set at about $22 million and the project is expected to create 20 jobs. Affordability will be maintained following the renovations, with 10 of apartments reserved for residents at up to 40 of Area Median Income (AMI) and 172 units reserved for residents at 60 or less of the AMI.
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