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Originally Posted by shivtim
Thanks for all of the updates. We normally don't see these for cities under 100K. Much appreciated!
Do you know if phase I and II of 400 Rose are market rate apartments? Low income or mixed income housing? Something else?
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Thanks! Yeah, I / we try to keep it interesting on here. No skyscrapers, but plenty of development in our small town right now and in the past few years. As to your question, there is some low income / workforce housing in Phase 1 of 400 Rose, but not very much. It's mostly market-rate (and mostly marketed as "luxury downtown living"). Here's a clip from an MLive article in 2018 about Phase 1:
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The sales agreement guarantees 14 units, 10 percent of the total, are affordable for people making 80 to 120 percent of the area median income. Rates are based on workforce housing figures published by the Michigan State Housing Development Authority.
According to rates published in April:
- Monthly rent for five units must be $866 for one-person room and $990 for a two-person room.
- Monthly rent for five units must be $1,082 for one-person room and $1,237 for a two-person room.
- Monthly rent for four units must be $1,299 for one-person room and $1,485 for a two-person room.
The workforce housing requirement will expire after 21 years. Developers are required to prove in writing each year that rental rates for the units remain reduced until then.
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I imagine it would be similar ratios for Phase 2, but I haven't dug into it yet.