THE CHALLENGE

HomeStretch is continually faced with the daunting challenge of providing quality, attractive, low- cost housing for a growing population of low-income families. Area wages are not keeping pace with rapidly rising real estate costs, making it very difficult for the region’s working families to afford adequate housing.

A lack of low-cost housing in local communities results in negative economic and social impacts, including labor shortages, high absenteeism, urban sprawl, financial hardships for working families, and increased homelessness.

Recent reports released by the National Low Income Housing Coalition, the Housing Assistance Council, and the Center for Housing Policy state that a strong economy has done little to meet the need for affordable housing - especially for working families

GUIDING PRINCIPLES

HomeStretch adopted seven Guiding Principles that are used in the planning and development of affordable housing projects.

• HomeStretch will focus on homeownership developments.

• HomeStretch will participate in rental developments with partners that can provide property management services.

• HomeStretch will focus on building housing that serves the needs of households at 80% or less of the Area Median Income (AMI.)

• Wherever possible, HomeStretch housing will be located on existing infrastructure and near work sites and essential services such as schools, medical facilities, public transportation, and retail areas.

• HomeStretch will collaborate with private, public, and nonprofit partners to fulfill its mission - Build Affordable Housing.

• HomeStretch is committed to the long-term affordability of its housing

• Whenever possible, HomeStretch will follow the planning and design principles contained in the New Designs for Growth guidebook.

PARTNERSHIPS - KEY TO SUCCESS

The long term partnerships HomeStretch has established will continue to provide the capital and technical expertise needed to produce quality affordable housing throughout the Grand Traverse Region for many years to come. These partners have made major contributions to the success of HomeStretch.

• Rotary Charities and Rotary Camps & Services of Traverse City

• Michigan State Housing Development Authority (MSHDA)

• Michigan Interfaith Trust Fund (Formerly Michigan Housing Trust Fund)

• Fifth Third Bank

• National City, CDC

• Great Lakes Capital Fund (Formerly Michigan Capital Fund for Housing)

• Local Initiatives Support Corporation (LISC)

• Federal Home Loan Bank of Indianapolis

• Traverse Area Association of Realtors (TAAR)

• Grand Traverse County

• City of Traverse City

IN RECOGNITION

The support of our partners is what allows HomeStretch to put our plans into action.  In recognition of the critical role played by major contributors, HomeStretch presented three partners with a hand-crafted mosaic commissioned especially for them.  The work was created by Adam Begley, a mosaic artist from Leelanau County and framed by State of the Art Framing of Traverse City. The plaques were presented at the recent Affordable Housing Conference held in Lansing. 

The photo on the left is the presentation to Mark McDaniel of the Great Lakes Capital Fund and the right is Jason Paulateer of National City Community Development. Also pictured are Kris Brady, HomeStretch board vice-president, and Bill Merry, Executive Director.  The photo below is the presentation to Christine Coady and Wendy Hatem of the Michigan Interfaith Trust Fund.

A fourth plaque will be presented to Rotary Charities of Traverse City.

OTHER NEWS

HomeStretch was also selected by the Local Initiatives Support Corporation (LISC) to participate in a three-year partnership.

HomeStretch president, William R. Merry, was elected to the Community Economic Development of Michigan (CEDAM) board in 1999.