Press Release: Honor Village Apartments

 In Press Release

HomeStretch, a nonprofit developer of affordable housing, is pleased to announce that it has been awarded a $400,000 Affordable Housing Program (AHP) Grant from the Federal Home Loan Bank of Indianapolis (FHLBI) to construct 8 affordable rentals in the Village of Honor. The “Honor Village Apartments” will consist of two new construction buildings with four units in each building on Main Street in Honor, Michigan.

The development will be located on two parcels donated by the Benzie County Land Bank. The Village of Honor will be donating an additional lot for tenant parking. Two of the units will be set-aside for households at or below 30% of AMI (Area Median Income), 2 units at or below 50% of AMI and four units for households at or below 80% of AMI. All eight units will contain two bedrooms with one and a half baths. The greatly needed apartments will be the first in the Village.

Thomas Cronin of Traverse Real Estate LLC and HomeStretch Vice President of Board states, “Affordable housing is a definite need in our area and Traverse Real Estate is very excited and honored to be part of this new housing development! HomeStretch continues to excel at providing modern, yet economical housing options for our growing community, as well as resourcing local based businesses throughout the building process. Traverse Real Estate also supports that principle and strives to offer personable, yet professional residential realtor and appraising services.”

The FHLBI application is a competitive one and is determined through a scoring process. Of the 50 applications received, 35 were selected. The highest score for rental developments was 66; the Honor Village Apartments and its sponsor bank, Honor Bank, earned a total score of 57.61. Additional funding is being sought from other project partners. Honor Bank will provide the permanent financing for the rental development.

HomeStretch is a Community Housing Development Organization (CHDO) and Rental Property Manager as designated by the State of Michigan and serves the five-county region surrounding Traverse City. HomeStretch is also a General Contractor which provides for cost savings and quality control.

To learn more about this nonprofit, please visit their website: homestretchhousing.org or call 231-947-6001.

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