Independent Bank is proud to announce a $400,000 Affordable Housing Program (AHP) grant to support the Homestretch Nonprofit Housing Corporation’s efforts to construct the Vineyard View Apartments in Suttons Bay, located at 525 North Marek Road. The development will create eight new affordable housing apartments.
The development is anticipated to commence construction in May 2022, with final completion by July 2023. The proposed development will construct two two-story buildings consisting of six two-bedroom and two three-bedroom affordable housing apartments. Eligible tenants will be those earning from 30% to 80% of Area Median Income. The development is designed to be carbon neutral, with a focus on increased energy efficiency and low resident utility costs.
“Independent Bank is excited to partner with Homestretch on this much-needed affordable housing development in Leelanau County. This is truly a community-driven effort led by Homestretch, which will have a long lasting positive impact on the families that will call Vineyard View home,” said Jason Blain, Vice President of Commercial Lending at Independent Bank.
Independent Bank sponsored Homestretch Nonprofit Housing Corporation in their application for a $400,000 AHP grant from the Federal Home Loan Bank of Indianapolis (FHLBI) as part of their recently awarded $6.9 million in highly-competitive grants to 16 projects throughout Michigan, Indiana, and Ohio.
“The FHLBI/AHP award is a major achievement in a competitive environment for funds to build affordable housing in rural areas,” said Jonathan Stimson, Executive Director of Homestretch Nonprofit Housing Corporation. “Moreover, it demonstrates the power a community has when people come together to affect change. Homestretch is committed to working with organizations and local governments where small-scale projects create housing that benefits families and makes a positive economic impact. I applaud Leelanau Christian Neighbors for their generosity and Independent Bank for their contribution.”
To learn more about Independent Bank, please visit IndependentBank.com.
Equal Housing Lender