Lincoln Avenue Capital closes financing for affordable housing developments in Ypsilanti, Michigan
Capital of Lincoln Avenue (“LAC”), a mission-driven affordable housing acquirer and developer, announced that it has acquired and closed construction financing for Huron Vista and Residences at Huron, marking LAC’s fourth and fifth foundation agreements and its first new developments. building in Michigan. These new communities will respectively offer 156 affordable housing units for families and individuals and 152 housing units for seniors.
“Lincoln Avenue Capital is excited to continue to expand its national portfolio to communities like Ypsilanti where quality, affordable housing is needed,” said BAC CEO Jeremy Bronfman. “Our fast-growing development program represents a significant opportunity to provide affordable housing for seniors, families, and people facing high rental costs in Michigan and across the country.”
Washtenaw County residents face an ongoing housing crisis, with limited supply, long waiting lists for relief, and a significant financial burden on residents whose wages have not kept up with rising rents in Michigan. In 2022, local inventory of homes on the market hit an all-time high, 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, vice president of LAC and regional project partner. “We are proud to work with our funding partners and local leaders to make this development a reality.”
The developments were separately funded by tax-exempt bonds and 4% Michigan State Housing Development Authority (MSHDA) tax credits; a PILOT from the city of Ypsilanti; an equity investment by KeyBank Community Development Corporation; a construction loan from KeyBank; and a permanent loan from Freddie Mac, managed by KeyBank.
Construction in both communities is expected to begin in March, with initial units expected to be available for occupancy in the fall of 2024. Both properties will include outdoor gathering spaces, a swimming pool, and a fitness center. Huron Vista amenities will also include a stand-alone clubhouse with a community room and children’s play area, while Huron Residences will include a pickleball court, club room and underground parking.