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Independent Bank announced its support for the Centennial Arms Redevelopment, an affordable housing project in Evart, Mich., co-developed by Edison Community Partners and the Evart Housing Commission.
The proposed project will include the rehabilitation of 109 existing units and the new construction of 36 additional affordable housing units. The development includes two phases, both of which were awarded 9% Low-Income Housing Tax Credits from the Michigan State Housing Development Authority. Construction on both phases is expected to take place simultaneously and will include a Rental Assistance Demonstration conversion of the public housing assistance to a project-based Section 8 contract covering both phases.
Independent Bank is providing two construction loans for the project, totaling $18.9 million.
“Independent Bank is committed to supporting projects that strengthen Michigan communities and expand access to quality, affordable housing,” said Brad Kessel, President and CEO of Independent Bank. “We are pleased to support Edison Community Partners and the Evart Housing Commission as they move forward with the Centennial Arms Redevelopment and invest in housing opportunities for residents in Evart.”
The groundbreaking marks an important milestone for the project and reflects the continued collaboration among public, private and community partners to help address affordable housing needs in Michigan.
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