Hunt Capital Partners Secures $13 Million for Tribal Housing

Hunt Capital Partners Invests in Affordable Tribal Housing

Hunt Capital Partners is thrilled to announce a significant step forward in affordable housing with the recent closing of Victories Square, a remarkable 50-unit tribal housing development. This initiative, carried out in partnership with Odawa Economic Development Management, Inc. (OEDMI) and Community Housing Network, Inc. (CHN), aims to provide essential housing options for families who are often underserved.

Details of the Development

Victories Square will feature a variety of living options, including studio, one-bedroom, and two-bedroom apartments, catering to 50 households with incomes up to 30%, 40%, and 80% of Area Median Income (AMI). Notably, eight units are dedicated to tribal members and supported by a comprehensive, long-term rental assistance contract from the Tribe, ensuring that families have secure housing options.

Community Impact

This development is strategically located near State Highway 131, addressing a pressing need for affordable housing in Petoskey, a vibrant resort community. With around 5,865 residents and an influx of approximately 750,000 visitors each year, Petoskey serves as a hub for recreational activities, making affordable housing even more critical for local families.

Commitment to Tribal Development

“Tribal communities are a historically underserved population, and building affordable housing on tribal land not only fosters economic development but also significantly enhances the quality of life for tribal members,” stated Dana Mayo, Executive Managing Director at Hunt Capital Partners. “We are committed to partnering with tribal nations, like the Little Traverse Bay Bands of Odawa Indians, to create safe and attractive housing options for families.”

Luxurious and Sustainable Living

The units at Victories Square will include numerous amenities designed for comfort and convenience. Each apartment will boast modern features such as Energy Star appliances, LED lighting, and washer/dryer connections. The community will also include a range of facilities— from a community room and bike racks to on-site management and complimentary Wi-Fi in shared spaces. Most importantly, the property will adhere to National Green Building Standard Silver certifiable standards, reinforcing Hunt Capital Partners’ commitment to sustainability.

A Strong Financing Foundation

Financing for Victories Square includes $13 million in 9% federal Low-Income Housing Tax Credits administered by the Michigan State Housing Development Authority (MSHDA) and facilitated by Hunt Capital Partners. In addition, OEDMI contributed a $5 million soft loan and an Affordable Housing Program grant, showcasing the collaborative effort between various stakeholders in this project.

Understanding ESG Investing

Hunt Capital Partners recognizes the growing interest among investors in enhancing the social value of their investments, especially concerning Environmental Social and Corporate Governance (ESG) initiatives. By prioritizing affordable housing projects like Victories Square, we not only address housing shortages but also improve living conditions for families and seniors. Reducing housing costs allows families to allocate resources to essential needs such as nutrition, clothing, educational pursuits, and wellness programs. Importantly, quality affordable housing contributes to better physical and mental health outcomes for residents.

About Hunt Capital Partners

Hunt Capital Partners (HCP) operates as the tax credit syndication division of Hunt Companies, Inc. (Hunt). Established in 2010, HCP has raised over $3.3 billion in tax credit equity and facilitated numerous affordable housing investments across the country. With nearly 800 project partnerships representing more than 80,000 homes in various locations, Hunt’s mission extends beyond investment to encompass the improvement of communities and the well-being of residents. For additional information about Hunt Capital Partners, feel free to visit their official website.

Frequently Asked Questions

What is the purpose of the Victories Square development?

The Victories Square project aims to provide affordable housing to tribal families, enhancing living conditions for underserved populations.

Who are the key partners involved in this housing project?

Key partners include Hunt Capital Partners, Odawa Economic Development Management, Inc. (OEDMI), and Community Housing Network, Inc. (CHN).

How many units does Victories Square contain?

Victories Square consists of 50 units, offering a mix of studio, one-bedroom, and two-bedroom apartments for local families.

What are the financing sources for the development?

The project is primarily financed through $13 million in federal Low-Income Housing Tax Credits and contributions from OEDMI and the Federal Home Loan Bank.

What amenities will residents enjoy in Victories Square?

Residents will benefit from modern appliances, a community room, on-site management, Wi-Fi in common areas, and conditioning units, among other features.

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