PETOSKEY, Mich.--(BUSINESS WIRE)--Hunt Capital Partners, in collaboration with Odawa Economic Development Management, Inc. (“OEDMI”), the economic development arm of the Little Traverse Bay Bands of Odawa Indians (“the Tribe”), and Community Housing Network, Inc. (“CHN”), announced the closing of Victories Square, a 50-unit tribal housing development in Petoskey, Michigan. Victories Square will provide a mix of studio, one-, and two-bedroom homes for 50 households earning up to 30%, 40%, and 80% of Area Median Income (AMI). Eight of the apartment homes will be set aside for tribal members and supported by a 45-year Project-Based Rental Assistance contract from the Tribe. The development represents Hunt Capital Partners’ 14th investment in an affordable housing project that involves tribal development partners.
Situated off State Highway 131, Victories Square introduces new, affordable housing for families in Petoskey, which is home to approximately 5,865 people. Petoskey is a resort community located on Michigan’s Lower Peninsula along the shores of Little Traverse Bay and features a downtown area that serves as a popular hub for recreational activities, attracting approximately 750,000 visitors annually.
“Tribal communities are a historically underserved population and building affordable housing on tribal land helps to not only create opportunities for economic development but also enriches the lives for many within the tribe through increased access to high quality housing,” said Hunt Capital Partners Executive Managing Director Dana Mayo. “Hunt Capital Partners is dedicated to collaborating with tribes, such as the Little Traverse Bay Bands of Odawa Indians, to offer safe, stable, and desirable housing choices for tribal families.”
The homes will be equipped with dishwashers, microwaves, garbage disposals, washer/dryer connections, Energy Star kitchen appliances, LED lighting, walk-in closets, exterior storage, and central air conditioning. Residents will benefit from amenities such as a community room, bike racks, on-site management, and Wi-Fi in all common areas. Victories Square will meet National Green Building Standard Silver certifiable standards and comply with Michigan State Housing Development Authority (“MSHDA”) Green Policy Certification. Five of the homes will be accessible and the remaining will be adaptable.
The development team will be led by CHN as the developer. MI-Oaks Construction, LLC, a joint venture between Miller Diversified Construction and Oakwood Construction Company, is the general contractor. Dimension IV Madison Design Group is the architect of record. KMG Prestige will provide property management.
Victories Square will be financed, in part, with $13 million in 9% federal Low-Income Housing Tax Credits awarded by the MSHDA and syndicated by Hunt Capital Partners through one of its multi-investor funds. OEDMI provided a $5 million soft loan comprised of funds from the Tribe, the Shakopee Mdewakanton Sioux Community, and the MSHDA; as well as a $448,000 Affordable Housing Program grant through the Federal Home Loan Bank of Indianapolis.
Environmental Social and Corporate Governance (“ESG”) Investing
Hunt Capital Partners recognizes that its institutional investors are seeking to increase the social value of their investments to help further their ESG initiatives. An investment in affordable housing not only improves the living conditions of its residents, but it also helps to remove obstacles that stand in the way of creating a healthy, safe and stable home environment for low-income families and seniors. When families spend less on housing related expenses, they have more resources available for other essentials such as food and clothing, or even extracurricular activities and educational programs. One of the most significant benefits to providing quality affordable housing is an increase in an individual’s physical and mental health. Hunt Capital Partners’ affordable housing investments create a lasting effect on the people and communities they serve for generations to come.
About Hunt Capital Partners
Hunt Capital Partners (HCP) is the tax credit syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the sponsorship of Federal and State Low-Income Housing, Historic, and Solar Tax Credit Investments funds. Since its inception in 2010, HCP has raised over $3.3 billion in tax credit equity in over 48 proprietary and multi-investor funds. HCP manages nearly 800 project partnerships representing over 80,000 homes in 48 states and territories. Founded in 1947, Hunt is a privately held company that invests in businesses focused in the real estate and infrastructure markets. The activities of Hunt’s affiliates and investors include investment management, asset management, property management, development, construction, consulting and advisory. For more information on HCP, please visit www.huntcapitalpartners.com, or for Hunt, please visit www.huntcompanies.com.
