(NEWS RELEASE) HomeStretch Nonprofit Housing Corporation, a regional developer of affordable housing, is in the process of acquiring a 2.6-acre parcel of land from the Leelanau County Land Bank Authority to develop eight below market rate apartments. The organization is applying for a Special Land Use permit and is working to raise capital subsidies. The $1.64M project will rely on grants and support from private foundations and donors; the balance will be financed through an institutional loan from Independent Bank.
Leelanau Christian Neighbors (LCN) has recently announced their support for workforce housing by making a charitable donation to the project. “We are extremely grateful to Leelanau Christian Neighbors for their generous donation and support” said Jon Stimson, Director of Homestretch. “This is about helping people in our community as well as the local businesses who need stable employees year-round,” he said. While the donation is quite generous, Homestretch is asking Leelanau County residents and foundations for an additional $450,000 to make the project feasible. “Dollar for dollar, this is the best place for philanthropic donations which will change people’s lives for the next 40 years” Stimson says. Homestretch is also applying for a grant to the Federal Home Loan Bank of Indianapolis to get an Affordable Housing Program grant of $400,000.
The parcel to be developed is located at 525 N. Marek Road which is directly between Lake Leelanau and the Village of Suttons Bay. Service Route 10 from Bay Area Transportation Authority serves the property on an hourly frequency M-F and 3 trips per day on the weekends. The elevated site has footpaths which lead to breathtaking views of the valley below and ample room for a planted, irrigated community garden. Tenant selection criteria is based on family units ranging from 30% to 80% Area Median Income.
This demonstration of support by LCN shows commitment to the whole community at large. The organization has witnessed firsthand the needs of residents, especially following the pandemic. “We are excited about this project and look forward to the day our neighbors can move in” quote by Mary Stanton, LCN Executive Director.
To make this development a reality for Leelanau County, additional support is essential. To learn how you or your company can help, please contact HomeStretch today.
HomeStretch was incorporated in 1996, serves the five-county region surrounding Traverse City and has both Rental and Homeownership Programs. To be eligible, applicants must be employed or earn between 30-80% Area Median Income (AMI). To learn more about the Nonprofit, please visit: www.homestretchhousing.org or call 231-947-6001.