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2018Year Built |
81Total Units |
“Acquisition rehab in Southwest Michigan”
General Capital purchased this 81-unit multi-family project from its non-profit owner in 2017 with an allocation of affordable housing tax credits secured from the Michigan State Housing and Development Authority (MSDHA). The property consists of eight residential buildings, and one centrally located community building which includes a generous community space, a leasing office and central laundry. The property went through the process of an extensive renovation including all new exterior siding, roofs, windows and doors as well as a complete interior renovation including new HVAC systems, plumbing, kitchens, bathrooms, flooring and light fixtures. Residents were included in the decision-making process for the final design of exterior amenities such as the new playground, patio and grilling areas.
The property was originally developed as a 4% LIHTC project with a HOME Equity Enhancement Loan from HUD. General Capital negotiated a complex restructuring of the financing to enable the assumption of the HOME funds and layering in of new 9% LIHTC equity.
KEY THEMES
- Acquisition and rehabilitation preserved a vital affordable housing community while modernizing residences for long-term sustainability
- Comprehensive redevelopment combined interior renovations, exterior improvements, and upgraded building systems across the property
- Resident engagement helped shape outdoor amenities, creating community spaces that reflect neighborhood needs and priorities
- Strategic location near downtown Benton Harbor provides convenient access to employment, services, recreation, and Lake Michigan
- Innovative financing structure leveraged public-private partnerships to preserve long-term affordable housing in Southwest Michigan
RESULTS
- Successfully completed a rehabilitation preserving 81 affordable apartment homes across eight residential buildings
- Modernized one-, two-, and three-bedroom residences with updated interiors, energy-efficient building systems, and exterior improvements
- Delivered a renovated community building featuring leasing offices, resident gathering spaces, and on-site laundry facilities
- Added resident-inspired outdoor amenities including a playground, patio, grilling areas, and enhanced community green space
- Extended the long-term viability of an important affordable housing resource serving the Benton Harbor community
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