#United States #affordable housing #Lincoln Avenue #Ypsilanti

Grand Opening Celebration in Ypsilanti

Last week, Lincoln Avenue Communities (LAC) marked a significant milestone with the grand opening of two new affordable housing developments in Ypsilanti, Michigan. The ceremony celebrated the launch of Huron Vista and The Residences at Huron, marking LAC's inaugural construction projects in the state.

The event drew local leaders, including the mayor of Ypsilanti, Nicole Brown, who expressed her support and excitement for these developments. She emphasized the crucial role affordable housing plays in community well-being and stability.

Addressing Housing Needs

Kyle Brasser, Vice President of LAC, shared insights during the ceremony, highlighting the aim to support Michigan families and seniors with safe and quality housing options. He stated, "We are excited to celebrate the opening of Huron Vista and Residences at Huron in Ypsilanti, which will provide hundreds of Michigan families and seniors with safe, high-quality, affordable housing." This is imperative, particularly in Washtenaw County, where the demand for affordable housing continues to grow.

The two developments boast impressive statistics. Huron Vista offers 156 units designed for families, while The Residences at Huron contains 152 units allocated specifically for senior living. These units are available to those whose incomes fall between 40% and 60% of the area median income (AMI), making them both accessible and affordable to a significant section of the community.

Modern Amenities for Enhanced Living

In addition to providing affordable housing, LAC ensures that these developments come equipped with modern amenities designed to enhance the quality of life for residents. Both properties feature outdoor gathering spaces, pools, and fitness centers that promote active lifestyles. Notably, Huron Vista includes a clubhouse with a community room and children's play area, fostering community interaction. Likewise, The Residences at Huron offers unique features such as a pickleball court and underground parking, catering to a variety of lifestyle preferences.

Funding and Support

The funding for these ambitious projects has been secured through multiple channels. It includes tax-exempt bonds, 4% tax credits provided by the Michigan State Housing Development Authority (MSHDA), and a Payment In Lieu Of Taxes (PILOT) from the City of Ypsilanti. In addition, a crucial equity investment was made by KeyBank Community Development Corporation, which also provided a construction loan as well as a permanent loan serviced by Freddie Mac.

About Lincoln Avenue Communities

Lincoln Avenue Communities operates as one of the nation's most rapidly expanding developers and operators of affordable housing, emphasizing its mission to provide sustainable, high-quality homes for those with lower and moderate incomes. With a footprint across 28 states and a robust portfolio encompassing over 170 properties, LAC houses more than 80,000 residents, demonstrating its commitment to addressing housing challenges throughout the country.

In conclusion, the grand opening of Huron Vista and The Residences at Huron is not just a celebration of new buildings but a testament to the efforts of Lincoln Avenue Communities in making affordable housing a reality for many families and seniors in Ypsilanti, showcasing that community-focused development is both necessary and achievable.