CADILLAC — The proposed project of 252 workforce housing units in Cadillac will help ease the housing deficit and could attract employers and employees to the area.
But prices according to a formula that makes the construction eligible for a Brownfield redevelopment don’t seem so affordable when data is applied.
Dubbed Lakelynn Apartments, eligibility requirements will include a minimum of 126 units held for households with incomes of 120% or less of the average median income for the area.
Housing North statistics for the last full reporting year in 2024 show an average median income of $58,800 in Wexford County. At the 120% threshold, the allotment of apartments would be available to those individuals who made less than $70,560. At that point, rents would not be allowed to exceed $1,890 for a one-bedroom and $2,268 for a two-bedroom apartment.
While that would be the maximum, Cadillac City Manager Marcus Peccia told 9&10 News the rents would fall more in line with prices in the Cadillac rental market.
Lakelynn Apartments will be built in four phases for a total investment of $40.9 million on seven parcels at the end of Mosser Street, which is east of South Mitchell between the Dairy Queen and Admiral gas station.
The Brownfield plan was passed by the City Council 4-0 on Aug. 4. Next-step approval to move forward is before the Michigan State Housing Development Authority.