Oakwood Townhomes Groundbreaking

Thank you for coming to the groundbreaking of the Oakwood Townhomes.  This is a big day for Homestretch and my first project as the Director.  None of this would be possible without Jean Derenzy and the Traverse City Planning Department and their hard work to keep Homestretch alive.

• 2 years ago, this month, Homestretch entered into a purchase agreement for this property. We have spent over 1,000 hours of staff time and used $70 thousand dollars on predevelopment feasibility to secure financing.
• The monthly rent for these units will range from $720 to $930 serving families between 60 and 80 % AMI. We are addressing the Rent Overburden suffered by the workforce community.  Over 60% of the rental  population in Traverse City pays more than 45% of their income for housing.  The Oakwood Townhomes will provide needed relief and improve the lives of these residents.
• Today’s project is a partnership between MSHDA, the City of Traverse City and Homestretch. Through a $1.1M Grant from the State, $300K permanent Bond Financing, and a PILOT program, we were able to make it work.  This is a generous amount of money and shows how much faith the State has in our Community Housing Development Organization.
• A big thank you, Mayor Carruthers, Martin Coburn, and City Commissioners for being Civic minded. You are providing affordable housing while generating property tax incentives.  Thank you for providing economic development within the City that otherwise may not be possible.
• Thank you Dr. Smyka for thinking of our organization when selling this property.
• A final thanks to the engineer Doug Mansfield, designer Bob Vieracker and Architect Dave Spala. Thank you for all the great work you have done to make this happen and to all the excellent subcontractors like Alpers Excavating, A&R Poured Walls, Onpoint Carpentry, Gero’s Plumbing and Heating and Redline Electric.
• Finally, when this project is completed, we will be one giant step closer to fulfilling our goal of increasing affordable housing in Traverse City. I for one, am looking forward to seeing this community thrive by the installation of this new development.

On behalf of the Homestretch Board of Directors, this project is officially underway!