Mount Clemens, Michigan, November 9, 2023 – Woda Cooper Companies, Inc. (WCCI) hosted a Grand Opening and Ribbon-Cutting at the new 30-unit Edison Crossing located at 106 Northbound Gratiot Avenue in Mount Clemens. Representatives of Michigan State Housing Development Authority (MSHDA), the City of Mount Clemens, Macomb County, and several other supporters and partners joined in the celebration which was timed to coincide with Veterans Day with a flag ceremony by AMVETS Post 29 Honor Guard.
From its initial planning stages, Edison Crossing was envisioned as an integrated housing development with units for residents with low to moderate incomes, as well as those facing homelessness, including veterans. Eleven units are designated at Permanent Supportive Housing units with a preference for veterans. The entire development is restricted to residents that earn up to 80% of area median income.
Edison Crossing received strong support from the City of Mount Clemens who approved a Payment in Lieu of Taxes. “Housing is an important component of community revitalization. For our downtown to be thriving we must increase the users who frequent our local businesses. Edison Crossing will be a welcomed addition to increasing the population of our downtown community,” said Mayor Laura Kropp.
Edison Crossing is comprised of a four-story building with an elevator providing 10 one-bedroom and 20 two-bedroom affordable apartments. Apartments feature spacious floor plans with plenty of storage, and modern kitchens with ENERGY STAR appliances, including dishwashers. The units have contemporary finishes, including quality cabinetry and luxury vinyl tile. There are three units with features for residents with disabilities, and the entire development provides barrier-free access.
Edison Crossing also provides several community amenities, including a multipurpose room with kitchenette and central laundry. Outdoor amenities include a playground, picnic tables and grill, and outdoor benches, all with panoramic views of the Clinton River. There is an onsite management center and additional space for coordination of supportive services coordinated by Macomb Community Action.
Financing for the $10.5 million property was supported by the allocation of Low-Income Housing Tax Credits allocated by MSHDA. “Edison Crossing will help fill an affordable housing gap for people most in need – working families, those with disabilities, veterans and people experiencing homelessness,” said MSHDA Executive Director Amy Hovey. “In addition to quality amenities and onsite services, residents also will enjoy easy access to downtown Mount Clemens and all of the recreation, employment, education, and personal development opportunities it has to offer.”
R4 Capital invested in the tax credits to provide equity financing. Paul Connolly, Managing Director, R4 Capital, notes, “The affordable housing crisis persists in the United States. It has become increasingly difficult for families to find high quality housing. Rents are up and supply isn’t keeping pace. Thirty new units in Mount Clemens is a victory for this community. Thank you to Woda Cooper for another stellar development completed and congratulations to all who have touched this building in our collective goal of seeing all people with access to decent affordable housing.”
Comerica Bank provided a construction loan and they are an upper-tier investor in equity funding provided by R4 Capital. “We are committed to building strong, sustainable communities and helping residents and families thrive,” said Beatrice Kelly, Comerica Bank Senior Vice President and Director of Community Development Banking. “Supporting affordable and accessible housing initiatives remains critical in providing opportunities. Edison Crossing is not only changing the landscape of Mount Clemens, but it will offer quality homes and stability, especially for veterans and those who face homelessness.”
RiverHills Bank provided a permanent mortgage.
Craig Patterson, WCCI Senior Vice President – Development, said Edison Crossing is a welcome option for residents working in retailing, hospitality, health care, and other service occupations who have had difficulty affording quality housing, as well as those who are homeless or at risk of homelessness. “We know one of the benefits that Edison Crossing will provide is helping area employers to attract workers for jobs with moderate incomes that are vital to the downtown and the community at large,” Patterson said. “We thank the City of Mount Clemens, Macomb County, and MSDHA, as well as our investor and lending partners, plus Macomb Community Action and AMVETS, for the support to develop this great new housing community.”
Woda Cooper Companies enlisted AMVETs Department of Michigan to give input on assisting area veterans. “AMVETS is driven by our mission to enhance and safeguard the entitlements for all American Veterans,” said John Konechne who is chair of the organization’s Homeless Veterans Committee. “Edison Crossing is a much-needed facility to help AMVETS serve our fellow veterans.”
Architecture was performed by Hooker DeJong, Inc. and civil engineering by Greentech Engineering, Inc. Woda Construction, Inc., Woda Cooper Companies’ construction affiliate, was general contractor. Leasing and property management is handled by Woda Cooper affiliate Woda Management & Real Estate. For more information, call or visit www.wodagroup.com or call 586-839-2566.
About Woda Cooper Companies, Inc.
Woda Cooper Companies, Inc. and its affiliates specialize in the development, design, construction, and management of high-quality affordable multi-family communities, senior communities, and single-family homes. The company was founded in 1990 and now has operations in 17 states and a portfolio of more than 300 communities and 15,000 units. Green building is standard with certifications including Passive House, Zero Energy Ready Homes, LEED, Enterprise Green, EarthCraft, and ENERGY STAR. Woda Cooper Companies has offices in Savannah, GA; Indianapolis, IN; Shelbyville, KY; Queenstown, MD; Mackinaw City, MI; Columbus, OH; and Norfolk, VA. Affordable Housing Finance magazine ranked Woda Cooper Companies 7th in nation among Developers and 21st among Owners in 2023.