TRAVERSE CITY - A Northern Michigan nonprofit is hoping to add affordable housing in downtown Traverse City.
“Housing is out of control and pricing. I think anybody who’s ever looked to knows that. It’s really hard,” shares Traverse City Mayor Amy Shamroe.
Homestretch has been working to bring affordable housing to the region since 1996. Right now, the non-profit’s leaders say they are making progress on two properties.
“Downtown properties are rare to come by. They’re also very expensive,” explains Jon Stimson, Executive Director of Homestretch Housing, “So, for a developer to, you know, underwrite a project to make it work, you would need to acquire the land and by doing so, you’d have to charge market rate rents or build condominiums that are more catering to the market community.”
Stimson is hoping to get funding for affordable housing to be built on a lot at the corner of State and Cass streets in Downtown Traverse City. They received this property from the city in 2023. Homestretch housing met with city leaders to talk about where they are in terms of money.
“They are allowed to ask for another year to find more funding. They outlined during the presentation, some funding sources that they had identified that they want to continue to pursue,” shares Mayor Amy Shamroe.
Homestretch is planning to apply for more funding through the Michigan State Housing Development Authority and other grants. Their plans feature 44 affordable units with a fresh market on the first floor.
Another property they’re hoping to build on is at Beitner Street and Woodmere Avenue but the property comes with its challenges.
“Is this property is very, very close to train tracks, to the point where it wouldn’t qualify for certain types of funding because it’s considered too close. Some issues were addressed during this presentation on Monday, but I think there’s a lot of questions,” explains Shamroe.
Stimson is still optimistic and is hoping to work with the city to have a second affordable housing property located in the city.
“The train being close by, the train will not be moving fast. It is going to be a slow-moving train less than five miles per hour. So, the noise shouldn’t be a hurdle, but it’s something that we’re going to address because the mayor and the commissioners are adamant that we’re not placing people in jeopardy and in a proximity to noise and in that activity.”
If they get funding for both properties, the projects are expected to be completed by late 2027.