HomeStretch Feature: New Affordable Rentals Coming to Traverse City!
HomeStretch Nonprofit Housing Corporation, a regional developer of affordable housing, is in the process of adding 6 new affordable rental units to Traverse City called Oakwood Townhomes. This development is a collaboration between a local Dentist and Homestretch.
Dr. Stanley Smyka’s General Dentistry office, located on East Eighth Street in Traverse City, purchased land adjacent to its practice for parking lot expansion. There were two abandoned houses which needed to be removed with more land than was required for his purpose. Dr. Smyka’s desire was to transform the blighted property and accommodate his growing business.
He offered to sell the property to Homestretch if they would develop apartments with at least two parking spaces per unit. A fair price was agreed upon and the two parties entered into a purchase agreement.
Michigan State Housing Development Authority (MSHDA) awarded HomeStretch a $58,700 predevelopment loan for soil testing, architectural plans, engineering, rezoning and demolition. On July 1, 2019, the City Commissioners granted a Tax Exemption by approving a payment in lieu of tax (PILOT) to make the project financially feasible. Prior to demolition, HomeStretch allowed the Traverse City Fire Department to practice their fire and rescue training on the structures.
Homestretch received a $1.09M grant through MSHDA Home Loan allocation plan and a Tax-Exempt Bond Construction Loan and Permanent Loan. Homestretch is the General Contractor and property manager for the two-bedroom, 1.5 bath energy star rated units. Units will be available to rent by mid-summer of this year. We are pleased that local sub-contractors and suppliers participated in the entire project.
HomeStretch sought collaboration with all individuals, entities, and governmental units to bring our combined vision to reality. Acting as a Community Housing Development Organization, Homestretch is proud to introduce this project for use by present and future residents of Traverse City.
To learn more about HomeStretch and eligibility, please visit: www.homestretchhousing.org, call 231-947-6001 or email to jon@homestretchhousing.org.
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