Independent Bank is proud to announce a $500,000 Affordable Housing Program (AHP) grant to support the Traverse City Housing Commission’s (TCHC) efforts to rehabilitate the Riverview Terrace Apartments, located at 150 Pine Street in downtown Traverse City. The project will provide significant improvements and updates to this 10-story apartment building that was originally built in 1974.
Riverview Terrace currently contains 115 one-bedroom, one-bathroom apartments for the elderly and individuals with disabilities. The comprehensive development plan includes improvements to the major building systems, including elevators, apartment interiors, common areas, roofing, and windows, among other improvements. Additionally, nine units will be upgraded to modern ADA standards.
Independent Bank sponsored TCHC in their application for a $500,000 AHP grant from the Federal Home Loan Bank of Indianapolis (FHLBI) as part of their recently awarded $11.2 million in highly-competitive grants to 24 projects throughout Michigan and Indiana. In addition to the AHP grant, Independent Bank will provide construction financing, and also donated $5,000 toward the project.
When asked about this recent announcement from the FHLBI, Tony Lentych, Executive Director of the Traverse City Housing Commission responded: “Independent Bank has proven to be an invaluable partner for TCHC. Their support on all levels of our efforts to rehab and update Riverview Terrace Apartments demonstrates that they are serious about preserving affordable housing in our region – the AHP Grant made a significant difference in our overall construction budget. Independent Bank is a true leader among the many financial institutions in our region.”
“At Independent Bank, we are thrilled to be involved in the construction and rehabilitation of Riverview Terrace,” said Thomas Ranville, Market President at Independent Bank. “As a Michigan-based, community-focused bank, we can’t think of a better way to support our local residents. In addition, to play a part in improving the lives of the elderly and individuals with disabilities is a great feeling. The TCHC does a great job, and we are pleased and honored to be invited into this project.”