downtown apartments get facelift money from city
Rental Rehabilitation program to give renovation grants; off-campus housing options expand
Michal Elseth
Issue date: 10/8/09 Section: News
Since the program was announced in March, three units have been identified for rehabilitation, Bowman said. She said two other property owners are currently considering the program.
The first property identified for rehabilitation, a new two-bedroom unit, is waiting on construction bids. The second is in the design phase and, if completed, will become two new two-bedroom units.
Bowman said she expects the rental units to be most attractive to college students and single residents, but the benefit of the program will reach the whole town.
"The program is ultimately an economic development tool," she said. "Obviously as the number of downtown residents increases, the more goods and services such individuals need and want add up to additional dollars that existing and new businesses can capture."
Much-needed projects like these often aren't completed due to lack of funds, Bowman said, so the program gives property owners the financial support to tackle large jobs and get them done quickly.
The newly updated rental spaces will also bring in more income for the property owners and increase the taxable value of the downtown area, she said.
Bowman expects the town will benefit as well from the external improvements that often go along with renovations. Such makeovers, she expects, will create a more vibrant downtown experience for Hillsdale residents and visitors.
Each Michigan community wanting Rental Rehabilitation funds must apply through the MSHDA, giving evidence of how their town will use the program to stimulate economic growth and revitalize the community, Bowman said.
"Hillsdale had a downtown that can use renovations," said Turnbull.
He expects the large numbers of off-campus students will increase the demand for housing in Hillsdale still further in the next several years he said, and hopes demand will raise supply. He said that although the current projects are awaiting for contracts, the owners are eager for construction to start.
"They're ready for the work to be done yesterday," he said.
The first property identified for rehabilitation, a new two-bedroom unit, is waiting on construction bids. The second is in the design phase and, if completed, will become two new two-bedroom units.
Bowman said she expects the rental units to be most attractive to college students and single residents, but the benefit of the program will reach the whole town.
"The program is ultimately an economic development tool," she said. "Obviously as the number of downtown residents increases, the more goods and services such individuals need and want add up to additional dollars that existing and new businesses can capture."
Much-needed projects like these often aren't completed due to lack of funds, Bowman said, so the program gives property owners the financial support to tackle large jobs and get them done quickly.
The newly updated rental spaces will also bring in more income for the property owners and increase the taxable value of the downtown area, she said.
Bowman expects the town will benefit as well from the external improvements that often go along with renovations. Such makeovers, she expects, will create a more vibrant downtown experience for Hillsdale residents and visitors.
Each Michigan community wanting Rental Rehabilitation funds must apply through the MSHDA, giving evidence of how their town will use the program to stimulate economic growth and revitalize the community, Bowman said.
"Hillsdale had a downtown that can use renovations," said Turnbull.
He expects the large numbers of off-campus students will increase the demand for housing in Hillsdale still further in the next several years he said, and hopes demand will raise supply. He said that although the current projects are awaiting for contracts, the owners are eager for construction to start.
"They're ready for the work to be done yesterday," he said.
Be the first to comment on this story