Lincoln Avenue Capital Closes Financing for Affordable Housing Developments in Ypsilanti, Michigan
YPSILANTI, Mich., March 16, 2023 /PRNewswire/ — Lincoln Avenue Capital (“LAC”), a mission-driven acquirer and developer of affordable housing, announced that it acquired and closed on the financing for construction of Huron Vista and Residences at Huron, marking LAC’s fourth and fifth ground-up deals and its first new construction developments in Michigan. These new communities will provide 156 units of affordable housing for families and individuals and 152 units of senior housing, respectively.
“Lincoln Avenue Capital is thrilled to continue expanding our nationwide portfolio to communities like Ypsilanti where quality, affordable homes are needed,” said LAC CEO Jeremy Bronfman. “Our fast-growing ground-up development program represents a significant opportunity to deliver affordable housing to seniors, families, and individuals facing high rental costs in Michigan and across the country.”
Residents of Washtenaw County face a persistent housing crisis, with limited supply, long waiting lists for relief, and significant financial burden for residents whose wages have not kept pace with escalating rents across Michigan. In 2022, the local inventory of homes on market reached a record low, according to the Ann Arbor Area Board of Realtors.
“LAC’s investment in Ypsilanti will directly create hundreds of high-quality, affordable and sustainable homes for generations of Michigan residents to come,” said Kyle Brasser, LAC Vice President & Regional Project Partner. “We’re proud to work with our financing partners and local leaders to bring this development to reality.”
The developments were separately financed through tax-exempt bonds and 4% tax credits from the Michigan State Housing Development Authority (MSHDA); a PILOT from the City of Ypsilanti; an equity investment from KeyBank Community Development Corporation; a construction loan from KeyBank; and a permanent loan from Freddie Mac, serviced by KeyBank.
Construction on both communities is scheduled to begin in March, with initial units expected to be available for occupancy in fall 2024. Both properties will feature outdoor gathering spaces, a pool, and a fitness center. Huron Vista’s amenities will also include a standalone clubhouse building with a community room and play area for children, while the Residences at Huron will include a pickleball court, clubroom, and underground parking.
About LAC: Lincoln Avenue Capital is one of the nation’s fastest-growing developers, investors, and operators of affordable and workforce housing, providing high-quality, sustainable homes for lower- and moderate-income individuals, seniors, and families nationwide. LAC is a mission-driven organization that serves residents across 22 states, with a portfolio of 119 properties comprising 20,000+ units.