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Summer 2004 Issue Winter 2004 Issue
WINTER 2004 PUBLICATION OF HOMESTRETCH
HOMEBUYERS MOVE INTO MIDTOWN
 This summer, HomeStretch acquired eight Courtyard units in the Midtown Centre development located on the Boardman River in downtown Traverse City. Tim Burden, Midtown Centre developer and strong advocate for affordable housing, sold the units to HomeStretch at a significant discount. The three-story townhouses were soon resold to income eligible individuals and families.
The attractive townhouse style homes were marketed to young families and individuals working in downtown businesses. Happy homebuyers include an architect, teacher, administrative assistant, electrical technician, salon manager, medical file clerk and a disabled veteran. All are enjoying the benefits of downtown living.
Midtown clearly illustrates how nonprofit and profit making developers can work together to create affordable housing opportunities and benefit the communities in which they are located. Development financing was provided by the Michigan State Housing Development Authority, Michigan Housing Trust Fund, National City Community Development Corporation and HomeStretch. The Federal Home Loan Bank of Indianapolis Homebuyer Opportunities Program provided grants to help families pay down payment and closing costs. National City Mortgage Services Company provided Mortgage financing.
HOMESTRETCH HOSTS COURTYARD OPEN HOUSE AND TOURS
 In late August, HomeStretch invited community leaders, partners, government officials and the general public to attend an Open House at Midtown Centre. All of those that attended were impressed by the quality and design of these colorful units.
In September two groups toured Midtown. Development officials  attending the Michigan Community Development Directors Association Annual Conference at Shanty Creek took time from their busy schedules to tour downtown Traverse City and take a look at our Courtyard units. Many expressed admiration for our ability to create affordable housing in such a desirable downtown location. That reaction was shared by National City Bank CRA officers attending a regional conference held at the Waterfront Conference Center. Their group took a bus tour that included all of our projects and the City Opera House. In addition, HomeStretch is featured in a marketing video that National City Bank has developed for use throughout the Midwest.
MEMBERS SUPPORT HOMESTRETCH’S MISSION
As reported in the preceding HomePage, HomeStretch has become a Community Land Trust. Changes included restructuring governance of the corporation from a directorship to a membership model. This now allows HomeStretch to build a broad base of membership support throughout its service area.
The board of directors will soon be appointing a committee to develop a Fund Development Plan that will include membership recruitment and retention. In conjunction with the plan, the committee and staff will be creating marketing materials that describe the growing need for affordable housing and explain how Community Land Trusts can meet that need and ensure the long-term affordability of HomeStretch homes.
If you would like to become a member of HomeStretch and support our efforts to build affordable housing for the area’s working families, please contact Melissa at the HomeStretch office 231-947-6001, or via e-mail to melissa@homestretchhousing.org
COMMUNITY LAND TRUST PARTNERS
The Benzie Housing Council and the Leelanau County Planning and Development Department are using the Community Land Trust development model in their communities. Both organizations have signed a Memorandum of Understanding with HomeStretch that describes hoe homes they develop can be transferred to the Trust. By doing so, the current and long-term affordability of the units is assured and the public investment is preserved in perpetuity.
To receive more information about how you can purchase an affordable home in Benzie County and Leelanau County, please contact the following persons:
Ron Crummel, Housing Coordinator
Leelanau County Planning & Development Department
231-256-9812
John O’Neill, Housing Advocate & Director
Benzie Housing Council
231-325-6400
GROUND BROKEN ON KENSINGTON PARK EAST
In early November, HomeStretch began construction on Phase I of Kensington Park East. Located on Woodward Avenue, just east of Cherryland Center, these high quality townhouses are close to schools, shopping and employment.
Our affordable units are part of a larger, market rate residential project being developed by the Carson Group, LLC. Each 1,120 square foot unit will feature three bedrooms, 1.5 baths, spacious kitchen/dining area, large living room, attached garage, full basement, and a patio with a wooded backyard. Baesch Building Services is the General Contractor for the project. The Michigan State Housing Development Authority, Michigan Housing Trust Fund, National City Community Development Corporation, Fifth Third Bank (with a Rotary Charities Program Related Investment guarantee), and HomeStretch are providing development financing. In addition, HomeStretch received a Predevelopment Grant from the Great Lakes Capital Fund, which paid for site planning, construction drawings, legal and engineering services.
Marketing and sales activities are already underway, so if you are interested in purchasing a Kensington Park East townhouse you should call Maureen at 231-947-6001 or visit the “Application” page on our website at www.homestretchhousing.org.
STRATEGIC PLAN UPDATE UNDERWAY
Since June of this year, the HomeStretch Board of Directors has been holding a series of special meetings to update the corporation’s strategic plan. The Board has been measuring performance on the current plan’s goals and objectives and looking at new development opportunities.
Consultant Darrell Rogers, Professional Business Advisor for the Michigan Technology Education Center, was hired to guide the Board through the planning process and create a new, 3-year strategic plan. Following the first session, Rogers commented that, “HomeStretch is so well organized and managed that the creation of a new strategic plan will be a fairly smooth process. We will work on building upon and strengthening the existing model.”
In addition, directors will be surveying key decision makers throughout the Grand Traverse Area to determine their opinions regarding the development of affordable housing. The information gathered will be used to formulate new goals and objectives.
Winter 2004 Issue Back to Top Summer 2004 Issue
SUMMER 2004 PUBLICATION OF HOMESTRETCH
FAMILIES MOVE INTO CARLISLE ROAD HOMES
 This spring, HomeStretch completed the construction of five new single-family homes and sold them to local, income eligible families. Located on Carlisle Road in East Bay Township, These homes are the first to be developed under the Community Land Trust. The Trust offers qualified buyers the opportunity to purchase an attractive, good quality home at a very low price and enjoy the benefits of homeownership, while ensuring long-term affordability for future homebuyers.
A new design, the Carlisle Model, was developed to provide an appealing single-story alternative to our popular two-story Cross-town model. Both include three bedrooms, 1.5 bathrooms, spacious living rooms, convenient kitchen/dining areas, full basements and an attached two car garage. The homes were constructed by S & S Contractors and received a 5-Star Energy Efficiency rating.
 Development financing was provided by the Michigan State Housing Development Authority, National City Community Development Corporation and HomeStretch. The Federal Home Loan Bank of Indianapolis Homebuyer Opportunities Program (HOP) provided grants to help families cover down payment and closing costs. National City Mortgage Services Company and Huntington Mortgage Company provided mortgage financing for the homebuyers.
Once again, the Carlisle Road development demonstrates the importance of partners in developing housing that is affordable to young families that want to live and work in the Traverse City area.
HOMESTRETCH RECEIVES MICHIGAN BUILD! GRANT
During the planning and design of the Carlisle Road homes Project Manager Jason Potes worked closely with the WARM Training Center, our General Contractor, and building materials suppliers to make sure the residences would be energy efficient. To meet Michigan Build! requirements, HomeStretch increases insulation values, upgraded windows and added energy efficient fixtures and appliances.
As a result, the Carlisle homes were certified as 5-Star Energy Efficient and HomeStretch was awarded a $3,000 per home incentive grant. This special incentive grant program is administered by the Community Economic Development Association of Michigan with technical support from the WARM Training Center.
HOMESTRETCH HOMEBUYERS RECEIVE HOP ASSISTANCE
HomeStretch applied for and received a $25,000 grant for Carlisle homebuyers and a $40,000 grant for Courtyard at Midtown homebuyers from the Federal Home Loan Bank of Indianapolis Homebuyer Opportunities Program (HOP). The funds are designed for down payments and closing costs related to the purchase of HomeStretch homes.
HOP was created to promote homeownership for families and individuals with limited financial resources. First-time homebuyers are provided up to $5,000 per household.
EXECUTIVE DIRECTOR APPOINTED TO BANK BOARD
William R. Merry, Executive Director of HomeStretch, has been appointed Board Member of the Affordable Housing Advisory Council for the Federal Home Loan Bank of Indianapolis. The appointment was made upon recommendation from the Community Economic Development Corporation of Michigan to fill the need for a rural Michigan representative.
The twelve-member Council meets with the FHLBI Board quarterly to advise members about low and moderate income housing programs and housing needs in Indiana and Michigan. The Council also advises the Board on ways in which the FHLBI can better carry out its housing finance and community investment mission, affordable housing and community investment programs, and the use of FHLBI advances and FHLBI credit products for these purposes.
TRAVERSE CITY TOWNHOUSES COMPLETED
 HomeStretch has completed the acquisition of eight colorful Courtyard townhouses in Midtown Centre, a residential development located on the Boardman River in downtown Traverse City. These townhouses will be included in the Community Land Trust, which offers qualified buyers the opportunity to purchase a home at very low price and enjoy the benefits of homeownership, while ensuring long-term affordability for future homebuyers.
Courtyard townhouses feature open floor plans with two bedrooms, 1.5 bathrooms, convenient kitchen/dining areas, open living rooms, large decks and garages. Downtown and Old Town shopping, restaurants, the Clinch Park Zoo and beaches are all within a short walking distance. Midtown Centre, LLC is the project developer and R.E.D. Management served as the General Contractor.
The Michigan State Housing Development Authority, National City Community Development Corporation, Michigan Housing Trust Fund and HomeStretch provided project financing. The Federal Home Loan Bank of Indianapolis is offering Homebuyer Opportunities Program (HOP) grants to help families with down payments and closing costs. National City Bank Mortgage Services Company is offering Special NChamp low interest mortgage financing.
The Courtyard at Midtown is an excellent example of how nonprofit and for profit housing developers can cooperate to provide affordable housing opportunities for families that want to live and work in the Traverse City area.
ON THE MOVE . . .
With the addition of new staff, it became clear that we needed to vacate our “hole-in-the-wall” on Hastings Street and find larger quarters. Our new home is in the Grandview Plaza building located at the intersection of M-72 West and M-22.
Our new office has a spacious reception area, separate offices for Bill and Jason, storage/work areas and a large boardroom. We will no longer need to find space for committee and bimonthly board meetings. HomeStretch telephone/fax numbers and the web page address have not changed. The new USPS and e-mail addresses are provided below.
New Address:
HomeStretch
10850 East Traverse Highway
Suite 4004
Traverse City, MI 49684
E-Mail Addresses
William Merry, Executive Director
bill@homestretchhousing.org
Jason Potes, Project Manager
Maureen Merry, Programs Manager
maureen@homestretchhousing.org
Melissa Begley, Communications Manager
melissa@homestretchhousing.org
KENSINGTON DEVELOPMENT AWARDED HOME GRANT
HomeStretch has received a $490,000 HOME Grant from the Michigan State Housing Development Authority for the construction of eight townhouse style homes. These homes will be part of the Kensington Park East development located in Garfield Township adjacent to the Cherryland Center.
Each Kensington Park East townhouse will feature three bedrooms, 1.5 bathrooms, a spacious kitchen and dining area, a large living room with patio, garage, full basement and a wooded backyard. Kensington Park East is located close to employment, shopping areas, and is only minutes away from downtown Traverse City with its beautiful parks and beaches. Construction will begin this summer.
Additional financing for land acquisition and construction will be provided by the Michigan Housing Trust Fund, Fifth Third Bank, Rotary Charities, National City Community Development Corporation and HomeStretch. The Great Lakes Capital Fund awarded HomeStretch a predevelopment grant to pay for site planning, architectural design and related costs. It is anticipated that National City Mortgage Services Company will provide their low interest NChamp mortgage financing.
HomeStretch staff will begin marketing and sales in midsummer, so if you are interested in buying a home in Kensington Park East give us a call at 231-947-6001 or visit our website at www.homestretchhousing.org as soon as possible.
Winter 2004 Issue Back to Top Summer 2004 Issue
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