Hunt Capital Partners Invests in Affordable Tribal Housing
Hunt Capital Partners is excited to share a major advancement in affordable housing with the recent completion of Victories Square, an impressive 50-unit tribal housing project. This initiative, developed in collaboration with Odawa Economic Development Management, Inc. (OEDMI) and Community Housing Network, Inc. (CHN), is designed to provide vital housing solutions for families that are often overlooked.
Details of the Development
Victories Square will offer a range of living arrangements, including studio, one-bedroom, and two-bedroom apartments, catering to 50 households with incomes at 30%, 40%, and 80% of the Area Median Income (AMI). Importantly, eight of these units are reserved for tribal members and are supported by a long-term rental assistance agreement from the Tribe, ensuring that families have stable housing options.
Community Impact
This development is strategically situated near State Highway 131, addressing a crucial need for affordable housing in Petoskey, a lively resort town. With a population of around 5,865 residents and approximately 750,000 visitors each year, Petoskey is a center for recreational activities, making affordable housing even more essential for local families.
Commitment to Tribal Development
“Tribal communities have historically been underserved, and creating affordable housing on tribal land not only promotes economic growth but also significantly improves the quality of life for tribal members,” said Dana Mayo, Executive Managing Director at Hunt Capital Partners. “We are dedicated to collaborating with tribal nations, such as the Little Traverse Bay Bands of Odawa Indians, to develop safe and appealing housing options for families.”
Luxurious and Sustainable Living
The units at Victories Square will come equipped with numerous amenities aimed at enhancing comfort and convenience. Each apartment will feature modern elements like Energy Star appliances, LED lighting, and washer/dryer connections. The community will also provide various facilities, including a community room, bike racks, on-site management, and free Wi-Fi in shared spaces. Most importantly, the property will comply with National Green Building Standard Silver certifiable standards, reflecting 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, managed by the Michigan State Housing Development Authority (MSHDA) and facilitated by Hunt Capital Partners. Additionally, OEDMI has contributed a $5 million soft loan along with an Affordable Housing Program grant, highlighting the collaborative effort among various stakeholders in this project.
Understanding ESG Investing
Hunt Capital Partners acknowledges the increasing interest among investors in enhancing the social impact of their investments, particularly regarding Environmental Social and Corporate Governance (ESG) initiatives. By focusing on affordable housing projects like Victories Square, we not only tackle housing shortages but also improve living conditions for families and seniors. Lower housing costs allow families to allocate their resources to essential needs such as nutrition, clothing, education, and wellness programs. Ultimately, quality affordable housing leads to better physical and mental health outcomes for residents.
About Hunt Capital Partners
Hunt Capital Partners (HCP) serves as the tax credit syndication division of Hunt Companies, Inc. (Hunt). Since its establishment in 2010, HCP has raised over $3.3 billion in tax credit equity and has facilitated numerous affordable housing investments nationwide. With nearly 800 project partnerships representing more than 80,000 homes across various locations, Hunt’s mission goes beyond investment; it encompasses the enhancement of communities and the well-being of residents. For more information about Hunt Capital Partners, please 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.
