Pontiac, MI, August 5, 2020…High quality affordable housing for lower and middle income families has been in short supply for many years throughout Michigan, including in this city of 60,000 residents. Demand for affordable housing is expected to only increase in the wake of the coronavirus pandemic. That’s why a $9.4 million development to build The Hamilton, a new 42-unit affordable multifamily community, is good news for Pontiac. The property, at 5 Carter Street in Pontiac, is set to be completed by mid September. Pontiac Mayor Deirdre Waterman and other leaders from the City joined Woda Cooper for a construction tour August 4.
The community is being developed by affordable housing leader Woda Cooper Companies, Inc. “The Hamilton will offer families high-quality, energy efficient homes near walkable jobs at downtown businesses, along with nearby services such as health, day care, and banking,” said Craig Patterson, Woda Cooper’s Senior Vice President who is leading the development.
The Hamilton is comprised of a four-story building with an elevator. There are 14 one-BR, 24 two-BR and 4 three-BR units. Each apartment features attractive open-concept living spaces including modern kitchens with ENERGY STAR appliances, including dishwashers. Several units offer handicapped-accessible with ADA features.
A highly appealing community room is located on the fourth floor with kitchenette and outdoor terrace for residents and guests to enjoy. There is a manager’s office, central laundry, and each unit has washer/dryer hookups. Outside, there is a playground and offstreet parking. Throughout the entire property, energy efficient materials are being used including high performance insulation and HVAC systems, energy-saving windows and doors, and green building materials throughout. The entire property was rebuilt to LEED Silver standards for outstanding energy efficiency.
Net rents at The Hamilton range from $350 to $1007 per month, depending on size of unit, and income restriction for family size. Units are reserved for household incomes of 30, 40, 50, 60, and 80% AMI. For example, the income range for a family of four is $23,550/year for 30% AMI to $62,800/year for 80% AMI.
The City of Pontiac provided The Hamilton with a PILOT tax abatement as part of the development plan. “We appreciate the terrific support the City of Pontiac staff and leadership offered during pre-construction, permitting and construction. While COVID 19 has delayed construction completion, the Pontiac staff remained supportive and responsive during the shutdown and that helped immensely!” said Mr. Patterson.
To finance the development, Woda Cooper sought federal Low-Income Housing Tax Credits allocated by the Michigan State Housing Development Authority (MSHDA) which created the equity needed to develop the 42-unit community. Bank of America invested in the tax credits which provided primary financing with a mortgage loan from Cedar Rapids Bank & Trust. Bank of America provided a construction loan. MSHDA also allocated seven (7) HUD Section 811 project vouchers that will be offered to adults with disabilities.
Architect for The Hamilton is Hooker DeJong, Inc. of Muskegan. Woda Contruction Inc. is general contractor. For more information about leasing, call 248-804-5007.
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 apartments, senior communities, and single-family homes. The company marked 30 years in business May 2, 2020, with operations in 15 states and a portfolio of approximately 350 communities and more than 14,000 units. Green building is standard with certifications including Passive House, Zero Energy Ready Homes, LEED, Enterprise Green, EarthCraft, and ENERGY STAR. In addition to its Columbus headquarters, Woda Cooper has offices in Savannah, GA; Indianapolis, IN; Shelbyville, KY; Annapolis, MD; Mackinaw City, MI; Charlotte, NC; and Norfolk, VA. Affordable Housing Finance magazine ranked Woda Cooper Companies 10th in nation among Developers and 14th among Owners on May 1, 2020.