Affordable housing neighborhood project gets first two homes under contract in West Michigan скачать в хорошем качестве

Affordable housing neighborhood project gets first two homes under contract in West Michigan

A first-of-its-kind attainable housing project in Portage is officially moving from not only construction, but to contracts, according to city leaders. Portage city officials confirm the first two homes in the new Stanwood Crossings subdivision are now under purchase agreements, marking a major milestone in the city’s initiative to make homeownership more feasible for working families. The development is located along Portage Road near Austin Lake, between Stanley and Woodbine avenues, hence the name "Stanwood Crossings." The city is serving as its own developer and is building the entire neighborhood from the ground up. "The city purchased property about four or five years ago with goal of trying to create some more affordable housing units in the city of Portage," Peter Dame, chief development officer for the City of Portage, said. "This is a very unique project because the city is the developer, and so we are literally building 42 homes in a brand new subdivision." Two homes are now completed and under contract and 10 more are nearing the end of construction, according to Dame. City officials said the homes are designed for families who make too much to qualify for traditional housing assistance but still struggle to afford most new homes, making between 80% and 120% the Area Median Income. The city said it will sell the homes for 75% the cost of construction. County and federal funding made the lower sale prices possible, according to Dame. U.S. Senator Gary Peters helped secure a $1 million federal grant as part of Fiscal Year 2024 funding legislation passed by Congress, Dame said, which helped cover infrastructure costs. The Kalamazoo County Homes for All millage provided the city with a $3 million dollar grant for the project. "That basically allows us to sell the homes for 25% off of the cost of construction. So you’re only paying 75% of the costs of the house and none of the of the infrastructure,” Dame said. The city said it is also taking steps to ensure the homes remain affordable long-term by keeping ownership of the land through a community land trust. That structure limits resale costs and future buyers to also meet income qualifications, which Dame said is a unique approach to long-term housing affordability. Residents interested in purchasing a home in the Stanwood Crossings neighborhood can learn more through the city’s website under the Community Development Department or contact the Housing Department at City Hall. City leaders told News Channel 3 that they are hoping to schedule a media event in the future, inviting county representatives and Senator Peters, to highlight the community effort and funding that helped make the project possible. _______________ Stay up to date with our social media: WWMT on Facebook:   / wwmtnews   WWMT on Twitter:   / wwmtnews   Subscribe to WWMT on YouTube:    / @wwmtnews   WWMT Daily News Digest:    • WWMT-TV Daily Digest   For more information, visit https://www.wwmt.com/ Have a news tip? Send it directly to us: Email us: desk@wwmt.com Call the Newsroom: 800.875.3333 WWMT is a MI based station and a CBS Television affiliate owned and operated by Sinclair Broadcast Group. Sinclair Broadcast Group, Inc. is one of the largest and most diversified television broadcasting companies in the country today. #WWMT #NEWSCHANNEL3 #Kalamazoo #Michigan #AbigailTaylor #Affordablehousing #Portage #Infrastructure #Economy #Homes