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EAST LANSING, Mich. – Capital Area Housing Partnership (CAHP) has officially received a Low Income Housing Tax Credit funding reservation from the Michigan State Housing Development Authority (MSHDA) for the proposed Bailey Center project, 300 Bailey St.
MSHDA has awarded CAHP a Low Income Housing Tax Credit in the amount requested, which, in conjunction with other committed financing, will allow for the construction of 25 low-income senior apartments within the project. The senior housing within the project will include one- and two-bedroom apartments for senior residents (55+) with an income that is 30-60% of the Area Median Income (AMI).
The Bailey Center project will also include space for a daycare provider, office space for CAHP, additional commercial space and community space.
“We are really excited about the recent news from MSHDA, which will allow us to move forward with the Bailey Center project,” said CAHP Board Chair Tom Lapka. “We are especially excited about bringing more senior housing to the area, which was not only identified as something the neighborhood would support, but also was identified as a need in the recent senior housing assessment conducted in East Lansing.”
"From my perspective as the former chair of CAHP, as a current CAHP board member, and now as mayor, this project preserves and enhances a community asset and provides new and exciting senior housing, which will help stabilize and expand housing opportunities in the Bailey Neighborhood,” said East Lansing Mayor Mark Meadows. “This is a win for the City, for the neighborhood and for CAHP.”
CAHP Executive Director Mikki Droste anticipates the timeline for the project to include a construction start in late summer of 2016, with construction completion and occupancy in the fall of 2017.
CAHP is currently seeking a private daycare provider and low-traffic tenants for the commercial space within the project. Prospective residents, private daycare providers and commercial tenants can contact Mikki Droste at (517) 332-HOME or email@example.com for additional information.
Community members can learn more about the proposed Bailey Center project at www.capitalareahousing.org.
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