A new housing project in Petoskey will create 60 units for middle-income renters.
The Northern Homes Community Development Corporation and G.A. Haan Development are partnering with the Petoskey-Harbor Springs Area Community Foundation to redevelop a vacant property in the Old Town Emmet neighborhood.
Lofts and Lumber Square will have 60 residential units that will be offered to people at 80-120% of the area’s median income.
The project is being supported by a $3.33 million Michigan Community Revitalization Program loan, a $2.5 million Revitalization and Placemaking program grant, a $1.4 million brownfield site tax reimbursement, and a $585,000 grant from the Michigan State Housing Development Authority.
“With this project we saw a unique opportunity for philanthropy to help close the funding gap to build workforce housing within walking distance to downtown Petoskey, schools and the hospital,” said David Jones, Petoskey-Harbor Springs Area Community Foundation Executive Director.
In addition to the housing project, the City also plans to extend the Greenway Corridor trail system.
