Acquisition rehab in Southwest Michigan
Harbor City Flats is an 81-unit affordable housing community located in Benton Harbor, Michigan. Acquired by General Capital in 2017, the property underwent an extensive rehabilitation to preserve its long-term affordability while modernizing the residential experience. The development includes eight apartment buildings and a centrally located community building with gathering spaces, a leasing office, and laundry facilities. Renovations included new siding, roofs, windows, doors, HVAC systems, plumbing, kitchens, bathrooms, flooring, and lighting throughout the property.
General Capital worked closely with residents to incorporate their input into the design of new outdoor amenities, including a playground, patio, and grilling areas. The redevelopment also required a complex financial restructuring, combining existing HOME funding with new 9% Low-Income Housing Tax Credit equity awarded through the Michigan State Housing Development Authority (MSHDA). Completed in 2018, the rehabilitation preserved an important affordable housing resource while improving building performance, resident amenities, and the long-term sustainability of the community.
Key Themes
- Affordable housing preservation extending the viability of existing residential communities.
- Comprehensive property rehabilitation modernizing interiors, exteriors, and essential building systems.
- Resident-driven improvements incorporating community input into outdoor amenity design.
- Complex financial restructuring combining existing HOME financing with new LIHTC equity.
- Long-term community investment improving affordable housing quality in Southwest Michigan.
Results
- 81 affordable apartments preserved across eight residential buildings.
- Complete interior renovations including kitchens, bathrooms, flooring, plumbing, and HVAC.
- Major exterior improvements including new roofs, siding, windows, and doors.
- Resident-inspired amenities including a playground, patio, and grilling areas.
- 9% LIHTC equity secured through a complex financing restructuring.