JACKSON, Michigan – Blackstone Apartments, a planned affordable housing development in Jackson, has moved one step closer to reality.
The development would be on North Blackstone Street between West Pearl Street and the West Louis Glick Highway.
The developers are Miller Valentine Affordable Housing of Cincinnati, Ohio.
Pete Schwiegeraht, senior vice president of development, said they plan to build a mix of 53 one-, two-, and three-bedroom units to accommodate families of all sizes.
The rent is either 30 percent, 40 percent or 60 percent of the median income in the region. According to datausa, the median household income in Jackson in 2019 was $ 35,464.
“In the end, depending on the size of the household and income, there are really six different levels so that we can really serve a wide range of families with low to middle incomes,” says Schwiegeraht.
Miller Valentine previously worked with the city to build the Francis Senior Lofts at 123 E. Wesley St. through a low-income tax credit program.
“When we started these conversations, we really had the vision of a multigenerational housing option where we could provide for families of all ages, sizes and types,” said Schwiegeraht. “So now it’s up and running and 100 percent occupied since we built it, and we’ve shifted our focus to serving our other bandwidth, which is manpower accommodation.”
The city council approved a tax compensation agreement for the development, which says the developers will pay the city 6 percent of future rental income. City officials were unable to provide any details about how much they would have paid otherwise without the agreement.
Schwiegeraht said the agreement was critical to getting this project off the ground.
“This is affordable living space. We work with restricted and reduced rents, which really creates limited cash flow for development of this magnitude. With operating expenses that correspond to this affordability and the resulting cash flow, this is really a development that is also viable and feasible from a financial point of view, ”said Schwiegeraht.
Miller Valentine will work with the Jackson Housing Commission. Mayor Derek Dobies said some residents of Reed Manor, which has capacity, could be relocated to Blackstone Apartments.
“We have an enormous need for affordable housing in the city. We heard this from the community and from advocates within the housing industry. I think the pandemic has exacerbated this need. Hopefully such development projects. “Providing low- to middle-income housing will help meet that need,” said Dobies.
He believes this will help the working class.
“People who earn between $ 15 and $ 25 an hour can qualify for these units. That makes rent probably around $ 400 to $ 800 a month. It will be affordable, and I think this council will continue to seek work with Miller Valentine and future developers to build more high quality, safe, and worthy affordable housing in the city of Jackson, ”said Dobies.
According to Dobies, these housing developments, which have sprung up primarily downtown in Jackson City, are of strategic importance as the revenue and the people they bring to the downtown area “want future opportunities and businesses to be located there.”
The project is still at the beginning. Miller Valentine partners will apply for government funding in October. If successful, construction will begin in spring or summer 2022 and development will be completed by summer 2023.
Would you like to see more local news? Visit the FOX47News website.
Stay in touch with us anytime, anywhere.
Sign up for newsletters sent to your inbox via email.
Choose from these options: Neighborhood News, Breaking News, Storms, School Closures, Daily Headlines, and Daily Forecasts.
Follow us on Twitter
Like us on Facebook