Grants may lift apartments
Whitney A. Stewart
Issue date: 4/3/08 Section: News
A century ago, Hillsdale city residents chose between steaks and roasts in Cozzens' Meat Market at 29 N. Broad St., but soon they could choose to live there.
And if Hillsdale Economic Development Director Jay Bahr gets his wish to offer apartment owners a financial incentive to renovate, more updated apartments may one day attract more area residents - including college students - to move downtown.
Bahr hosted a meeting Mar. 26 to inform downtown business and apartment owners that they could participate in a grant program aimed at reviving urban centers. By Wednesday, six owners had committed to participate in the program and Bahr said he anticipated getting commitments to revamp or create 20 units.
Through the decade-old Rental Rehabilitation Program from Michigan State House Developing Authority's Office of Community Development, a city may apply for money from the state and grant up to $25,000 per unit for existing apartments and $35,000 per unit for uninhabited space to apartment owners seeking to renovate.
"The target of the program is to provide apartments for folks who would be classified as low or moderate income," Bahr said, noting the program's income limit of $32,850 for a single inhabitant. "That would, I think, include a substantial number of students."
Dean of Women Diane Philipp said that, in the last few years, she has witnessed a trend growing among students who prefer to live downtown.
She's not the only one. Apartment owners are noticing, too.
Last October, Steve Vear '80 started renovating the second-story, two-bedroom apartment above an accounting firm at 29 N. Broad St. which he bought in January 2007. He said he will soon rent the space, he hopes to college students.
Vear favored the city's participation in the grant program because he could apply for money to restore the original 12-foot ceilings in the upstairs apartments, currently hidden above an 8-foot dropped ceiling, he said.
"A rental opportunity is a great opportunity for downtown," he said. "Most people don't make a lot of money in their businesses - this isn't a booming metropolis. But this is something that kind of builds upon itself. If your neighbor does it, then you might be more likely to do it."
And if Hillsdale Economic Development Director Jay Bahr gets his wish to offer apartment owners a financial incentive to renovate, more updated apartments may one day attract more area residents - including college students - to move downtown.
Bahr hosted a meeting Mar. 26 to inform downtown business and apartment owners that they could participate in a grant program aimed at reviving urban centers. By Wednesday, six owners had committed to participate in the program and Bahr said he anticipated getting commitments to revamp or create 20 units.
Through the decade-old Rental Rehabilitation Program from Michigan State House Developing Authority's Office of Community Development, a city may apply for money from the state and grant up to $25,000 per unit for existing apartments and $35,000 per unit for uninhabited space to apartment owners seeking to renovate.
"The target of the program is to provide apartments for folks who would be classified as low or moderate income," Bahr said, noting the program's income limit of $32,850 for a single inhabitant. "That would, I think, include a substantial number of students."
Dean of Women Diane Philipp said that, in the last few years, she has witnessed a trend growing among students who prefer to live downtown.
She's not the only one. Apartment owners are noticing, too.
Last October, Steve Vear '80 started renovating the second-story, two-bedroom apartment above an accounting firm at 29 N. Broad St. which he bought in January 2007. He said he will soon rent the space, he hopes to college students.
Vear favored the city's participation in the grant program because he could apply for money to restore the original 12-foot ceilings in the upstairs apartments, currently hidden above an 8-foot dropped ceiling, he said.
"A rental opportunity is a great opportunity for downtown," he said. "Most people don't make a lot of money in their businesses - this isn't a booming metropolis. But this is something that kind of builds upon itself. If your neighbor does it, then you might be more likely to do it."
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