Affordable Housing Loans

Wespath Benefits and Investments and its subsidiaries, including Wespath Institutional Investments, participate in the Positive Social Purpose Lending Program. The information below provides details about a property recently financed through this program.

 

Strong Housing – Ypsilanti, MI

Strong Housing exterior
Image Source: Spectrum Field Services, Inc.

Through the Positive Social Purpose Lending Program and in partnership with The Community Development Trust, participation was purchased in a loan providing financing for a recently renovated project that contains 112 units across 12 locations in Ypsilanti, MI. Units are reserved for households earning up to 60% of area median income, and 10% of the units with two or more bedrooms are targeted to households with children. Unit amenities include full kitchen appliances and washer and dryer connections. Common area amenities include community centers at the two largest properties. The community centers contain a kitchen, management offices, a computer lab, and an office for a social worker at one of the locations. Supportive services available at the project include childcare vouchers, transportation vouchers, education, after-school tutoring, job training, case management, financial counseling, and health and fitness services.

Transaction Summary:
 

Property Name: Strong Housing
Location: Ypsilanti, MI
Units: 112
Loan Amount: $1,500,000
Term: 18 years
Purchase Date: May 10, 2017

 

For more information about The Community Development Trust: www.cdt.biz

 

Visit our website for Participants, Conferences and Other Plan Sponsors: wespath.org

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