Posts

Habitat for Humanity Awarded Grant Monies

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Michigan’s Habitat for Humanity received a $2 million federal grant. The grant will cover home repair needs for 160 low-income families. Grant funding comes from the U.S. Department of Housing and Urban Development’s Healthy Homes Production Grant Program. It’s part of $104 million plus awarded from HUD to 60 nonprofit organizations and government agencies.  With the addition of this grant, Habitat for Humanity will increase its current repair program by 50%.

City Ordinance Supports Construction of Accessory Dwelling Units

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Charlevoix’s city officials are searching for solutions to the area’s affordable housing shortage. Accessory dwelling units (ADUs) are small outbuildings that can be used for a variety of purposes, from guest apartments to home offices. At a January 10 meeting, Charlevoix’s planning commission  recommended approval of regulations that would make ADUs easier to build in residential areas. The ADUs increase property usage in residential districts, provide extra space for families, and allow space for multi-generational homes that support familial caretaking. They create income sources when they serve as rentals. The accessory units also increase property values.

The Grand Hotel Owner Snaps up More Island Properties

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KSL Capital Group has purchased three boutique hotel properties and an adjacent restaurant on Mackinac Island for an undisclosed price. The properties include The Bicycle Street Inn, Waterfront Collection North, Waterfront Collection South, and Winchester’s Whiskey and Bourbon Room.  The sale included housing on the island and in St. Ignace for seasonal workers. KSL Capital Group also owns the Grand Hotel. The 3 hotel properties are in the heart of the downtown on the island. KSL Capital Group hopes to potentially provide more job security for seasonal workers who could have the opportunity to work on other properties owned by the group during Mackinac Island’s off-season.

 

 

Northern Michigan Communities Report Strong Residential Sale Trends

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Median prices for residential real estate sales increased in Charlevoix, Otsego, Cheboygan and Emmet counties. The number of residential transactions also increased in three of those counties. The quick rebound in sales once pandemic restrictions eased is due to low supply and high demand and buyers’ desires to relocate to smaller communities. This trend could cause issues if it continues as working-class families may find themselves priced out of the housing market in Northern Michigan.

Northern Michigan Real Estate Booms As Builders Struggle To Meet Demand

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Rising construction costs, due in part to a stressed supply and demand chain, cause Northern Michigan builders to focus on high-end homes in the interest of profits. Moderate and low-income buyers struggle to find affordable housing. MSHDA has established a program for the 2020-2021fiscal year to aid lower-income buyers purchase homes at an attainable price point.