MUSKEGON, MI – Muskegon is leveraging $5 million of COVID-19 relief funds to catch the attention of a further $5 million for development of new center-course housing.
Officials feel they can recoup substantially of the city’s revenue, relying on the styles of home owner support they make your mind up to supply, to continue reinvesting in the city.
“It’s an expenditure that will return to us,” Muskegon Town Manager Frank Peterson told town commissioners last thirty day period.
The income is predicted to end result in the development of 40 new households on city-owned vacant plenty and give a raise to the city’s formidable purpose of introducing 240 new housing models in the following couple of many years.
The federal American Rescue Plan funds will be utilized to finance 50% of a builder’s design costs as nicely as for down payment guidance for household purchasers. Builders will be reimbursed their charges at the time the residences are offered, or 45 days soon after their completion if they stay unsold.
The properties will be designed for the metropolis, with 50 percent of them staying bought to men and women earning 125% or a lot less of the area median money. Peterson instructed MLive the households will price tag an typical of $250,000 to build.
“We do not have housing available for folks who are in that middle range, that have a career, that have two incomes,” Peterson stated. “They had been picking for a long time to not are living below.”