Housing for Seniors

Housing for Seniors

 

Madison Square Apartments in Grand Rapids were built in the 1980s and designed as affordable housing for seniors and disabled people. By the late 2000s, the 60-unit complex was run-down, ragged and desperately needed renovation. Nevertheless, many residents stayed, because housing alternatives were limited. For senior citizens living on fixed incomes, this scenario is common; rents rise and incomes do not.

Madison Square Apartments in Grand Rapids were built in the 1980s and designed as affordable housing for seniors and disabled people. By the late 2000s, the 60-unit complex was run-down, ragged and desperately needed renovation. Nevertheless, many residents stayed, because housing alternatives were limited. For senior citizens living on fixed incomes, this scenario is common; rents rise and incomes do not.

To serve a critical need throughout its regions, Huntington is helping to finance projects that provide reasonably priced, quality housing. These projects include those serving seniors, such as Madison Square Apartments and the Hearthside senior community in western Michigan.

In 2011, the nonprofit Dwelling Place purchased the Madison Square complex. With Huntington’s help, the development underwent a $14 million renovation. The bank provided $4.5 million in construction financing and a $3 million tax credit equity investment in the project in partnership with Great Lakes Capital Fund.1

The complex needed a nearly complete overhaul. Residents temporarily moved with the Dwelling Place’s help and returned to a building that felt brand-new with updated kitchens and bathrooms; new heating, ventilation and air-conditioning systems; and common spaces for special events, crafts or exercise classes.2 Huntington colleagues also built a community garden.3 The rehabilitated complex was renamed Reflections.4

“The residents love it,” Dwelling Place Housing Development Director Jarrett DeWyse said. “It’s very well insulated, so the utility bills will be a lot lower. It’s just a beautiful building.”5

When the project was complete in March 2012, Huntington said it would invest $100 million in affordable housing projects in Michigan over three years. The investment, “the biggest one-time commitment to affordable housing” in Michigan’s history, would provide approximately 3,000 new or refurbished units to 9,500 people.6 Reflections was an early beneficiary of Huntington’s commitment.

Affordable housing projects are a community affair; collaboration by state and local partners make them possible. In Portage, Michigan, Huntington provided for the acquisition and revitalization of the 160-unit Hearthside Senior Living project with low-income housing tax credit equity, partnering with groups such as the Great Lakes Capital Fund and the Michigan State Housing Development Authority.7

“As Michigan works toward a bright future, we’re going to get there by creating an environment that fosters investment in the vitality of all of our communities,” said Michigan Lt. Gov. Brian Calley, who attended the refurbished Reflections’ grand opening. “In recognizing affordable housing as a big part of that equation, Huntington is contributing to an important step in the right direction.”8

Copy of Reflections Sr Housing

In 2012, Huntington committed $100 million to the revitalization of affordable housing in Michigan.