"The authority remains committed to helping residents throughout Michiganachieve affordable rental housing," executive director James L. Logue IIIsaid. "This development is an example of how the authority is working toincrease the supply of affordable apartments that have rent levels withinreach of our state's elderly residents."
Elmhaven Manor, to be located along the north side of Walton Boulevard inthe northwest comer of Pontiac, will consist of 76 one-bedroom and 56two-bedroom one-bath apartments in a three-story building, and sixtwo-bedroom two-bath cottages. Unit amenities will include dishwashers, central air conditioning, balconyor patios, and cable outlets. Common space amenities will include amini-theater, library, arts and crafts studio, exercise room, barber/beautyshop, convenience store, main and private dining areas, and common laundryfacilities. Optional laundry, light housekeeping, food service and carportswill be available to residents at an extra charge.
The complex will be financed under the Tax-Exempt Bond Financed Program,which offers a financing rate of 5.5% interest and a 35-year mortgageterm. Under this program, 40% of each unit type will be occupied byrenters with incomes at or below 60% of area median.Initial occupancy for Elmhaven Manor is scheduled for September 2004.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.