Westerville, OH, October 17, 2016 – The Woda Group, Inc. is pleased to announce it is hosting groundbreaking celebrations for two of its latest Michigan development projects on October 20, 2016. The first groundbreaking will be held from 2:00 -3:00 pm at its Cavalier Greene property located at 106 S. Shiawassee Street, Corunna, Michigan. The second will be held from 3:30-4:30 pm at its Lincoln House Apartments property located at 120 Michigan Avenue, Owosso, MI.
The Cavalier Greene project involves the adaptive reuse of the historic Shiawassee Street School located in the heart of downtown Corunna. Once completed, the former school will be transformed into a well-appointed and energy efficient 40-unit apartment community. The primary source of funding for the adaptive reuse project is tax credit equity from the Low Income Housing Tax Credit (LIHTC) program.
The Shiawassee Street School was originally constructed in 1908. The property’s historic features will be preserved and restored to their original splendor. A new addition will be added to the former school building so that, once completed, Cavalier Greene will provide 10 one-bedroom and 30 two-bedroom apartment homes. Each apartment will feature many amenities including full kitchens with ENERGY STAR rated appliances, washers and dryers, overhead lighting fixtures and uniform window coverings. Cavalier Greene will also have a wealth of site amenities including a community recreational room with kitchenette, an on-site management office, computer room, exercise/fitness facility, laundry room, a playground as well as a picnic area.
The Michigan State Housing Development Authority allocated approximately $540,000 in annual low income housing tax credits for the development. City Real Estate Advisors is investing approximately $5.6 million in equity in return for the low income housing tax credits, and $950,000 in return for Federal Historic Rehabilitation Tax Credits. Citizens Bank is providing construction financing of approximately $6.5 million and is providing permanent debt financing as well.
The Lincoln House Apartments project also involves the adaptive reuse of a former school. Lincoln School is named after one of our country’s most beloved Presidents. Originally constructed in 1915, the school is located just one block west of the Shiawassee River and is adjacent to the bustling Michigan Avenue Historic District. The two story matte texture red brick building was designed by Samuel Dana Butterworth, a well-known and highly regarded Michigan architect. Upon completion, the property will feature 28 well-appointed apartment homes for seniors. The project is the culmination of a multi-year planning effort with many community partners, the most significant of which was the City of Owosso.
The primary source of funding for the Lincoln House project is also tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The Michigan State Housing Development Authority allocated approximately $398,637 in annual low income housing tax credits for the development. City Real Estate Advisors is investing approximately $4.1 million in equity in return for the low income housing tax credits, and $527,954 in return for the Federal Historic Rehabilitation Tax Credits. Bellwether Enterprise is providing permanent debt financing as well.
The Woda Group, Inc.: Developer, Contractor and Property Management Company
The Woda Group, Inc. and its affiliates are experienced developers, general contractors, and property managers specializing in the design, construction, and management of affordable multi-family apartments, senior communities, and single family homes. Considered leading experts in the affordable housing industry, the Woda team is known for producing and maintaining high quality affordable housing. Affordable Housing Finance Magazine has ranked The Woda Group, Inc. 7th overall among Affordable Housing Developers and 38th overall among Affordable Housing Owners in their April/May 2016 issue. The Woda Group, Inc. has developed and currently manages over 200 communities and over 9,000 units.