Greystone Provides Financing for Michigan Community
The funds were secured for a rent-restricted property in Saginaw Township.
Greystone has provided $10.8 million in financing for a 200-unit affordable housing community in Saginaw Township, Mich. The HUD 223(f) funds will go towards the refinancing of the property as well as property maintenance.
Lisa Fischman, managing director of the New York office for Greystone, originated the financing for the Lakeside Village Apartments in Saginaw County on behalf of The Altman Cos.
The HUD-insured loan has a 35-year term and amortization as well as a low fixed rate. The asset is rent-restricted and qualifies for a lower annual mortgage insurance premium of 0.25 percent.
The Lakeside Village Apartments in Saginaw County were built in 1980. The asset has one three-story mid-rise building and one-, two and three-bedroom townhomes.
Greystone also recently provided funds for a 232-unit asset in Covington, Ga. The $25.3 million Fannie Mae loan is purposed for refinancing.
Affordable housing is a necessity
According to the National Low Income Housing Coalition, Michigan has a serious shortage of rental homes that are affordable and available for residents. It is speculated that another 203,130 units are needed for extremely low-income renters.
Federal agencies took steps this month to increase the development of affordable housing. The Biden administration released an update to the Housing Supply Action Plan, adjusting the qualifying criteria for low-income housing tax credits.