9/9/2025 - Leelanau Township Board | Regional Developer of Affordable Housing

Summary

HomeStretch, a nonprofit developer focused on affordable housing in Northern Michigan, has highlighted its history, current and future projects, as well as core mission objectives aimed at ensuring low and moderate-income housing availability.

Public comments

(No public comments or related speaker information were provided in the document.)

Affordable housing initiatives

HomeStretch has been active in developing affordable housing since its founding in 1996, successfully completing over 134 units. The organization offers rental and homeownership programs, with a focus on serving residents earning between 30 to 120% of the Area Median Income (AMI). Key past projects include:

• Center Road Duplex (1999): 2 Rental units, $156,200
• Keystone Village (2010): 24 Rental units, $3,927,000
• Honor Village Apartments (2022): 8 Rental units, $1,480,000
• Vineyard View Apartments (2023): 8 Rental units, $1,840,000

Current projects in the pipeline include:

• Carver Apartments: 10-unit multifamily rental under construction, $2.12M
• Lake and Main Apartments: 12-unit multifamily rental under construction, $2.84M
• Fern Street Condos: Condominium duplex units for sale, $435K
• Lot O, Traverse City: 60-unit rental, $15M

The total budget for active projects is approximately $25.05M for 100 multifamily and 6 for sale units.

Parks and recreation matters

(No parks and recreation items were discussed.)

Infrastructure projects

The project details primarily reflect residential development, which falls outside the realm of municipal infrastructure (e.g., water, sewer), so there are no infrastructure-specific discussions or decisions noted.

Other Business

The document did not indicate any additional agenda items or relevant outcomes beyond those focusing on housing projects and initiatives.

Financial Summary (if applicable)

The report includes substantial financial data related to project costs: - **Total completed projects**: 134 units, totaling $21,083,251. - **Current Projects**: Approximately $25.05M is allocated across several upcoming developments including $2.12M for Carver Apartments and $2.84M for Lake and Main Apartments.

Action Items

Action items are primarily tied to the ongoing development and approval processes of identified projects, although these are not explicitly detailed as assigned tasks within the document. Future follow-ups may involve ensuring grant reservations and completing construction milestones for projects in the pipeline.