PORTAGE, MI (WKZO AM/FM) – A proposed Portage housing project that initially drew complaints is getting every break possible to make it more affordable for prospective home buyers.
Last night, the Portage city council added a brownfield designation to the Stanwood Crossings development just off Portage Road between Stanley and Woodbine, capturing future taxes to offset construction costs.
Another new strategy is the creation of a Community Land Trust. Buyers can own the homes, but the land will be owned by a trust, and a monthly rent will be charged.
City Manager Pat McGinnis says that also lowers the price.
He says eligible buyers must earn between 80 to 120% of the average median income to qualify for one of these family homes.
Between federal and state housing grants and loans, three-million-dollars from the Kalamazoo County Housing Millage, a down payment program and other strategies, they will be able to sell a home for 75% of what it costs to build.
Long time councilmember Terry Urban said he had never seen a project like it.
The project has been four years in the making and putting all the pieces together to make it possible.
Last night, they voted to start construction on 12 of the 41 homes.
City staff says they will bring a plan to the council in a few weeks, on how they will choose which applicants will qualify to buy one of the new homes.
The Stanwood Crossings proposal was one of two projects that created serious protests two years ago from homeowners living in south central Portage, who mistakenly feared that “subsidized housing” was going in.
Comments