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New affordable housing options are coming to downtown Houghton thanks to grants from the Michigan Economic Development Corporation. The projects were greenlit last September by the Houghton City Council.
Four apartments are slated to go in on the lower level of 308-310 Sheldon. They will face the rear of the building below Down Wind Sports and Rukkila-Negro Accounting. Three of those units must remain affordable housing for at least five years, priced for those making 80% or less of median income in the area.
Two apartments will be going in at the Lode Theatre Building at 510 Sheldon. The entire second floor of 515 Sheldon will be converted into five units.
Private developers will be responsible for kicking in over $400,000 of their own money in addition to the nearly $700,000 in Community Development Block Grant funds.
The relevant portion of the press release is below. The MEDC also touted projects in Iron Mountain and Munising.
The city of Houghton has received $442,374 in Community Development Block Grant funds for the Rental Rehab at 510 and 515 Shelden Avenue project. The proj ect will activate new residential space in two historic, mixed-use buildings in the heart of downtown. One includes the transformation of the entire vacant second floor in the building at 515 Shelden into five residential units. The other building is a portion of the historic Lode Theater at 510 Shelden, where two new residential units will be created in the vacant portion of the building.
The total project will activate 4,335 square feet of residential space downtown and will focus on preserving historic or traditional downtown features. At least four of the units will be occupied by low- to moderate-income households for one year. The project is expected to generate a total private investment of $231,647 and will provide much-needed housing in downtown Houghton, while also restoring historic buildings and returning vacant space into active use. The city of Houghton will make an anticipated contribution of four overnight parking permits for the low- to moderate-income households, with an expected value of $1,780.
Houghton is also receiving $253,075 in CDBG funds for interior improvements needed for the Rental Rehab at Lower Houghton 308-310 Shelden Avenue in downtown Houghton. The project will activate new residential space on the rear lower level of an existing mixed-use building. When completed, the vacant space will include four new residential units. The remainder of the building currently contains two commercial spaces. Three of the four apartments will be reserved for low- to moderate-income households. The project is expected to result in private investment of $197,900 and will further meet the demand for residential space in downtown Houghton. The city is expected to contribute three overnight parking permits for the low- to moderate-income households, valued at $1,335.
“The city is excited to be part of this program. With these two developers making significant investments into their downtown buildings and working with MEDC every step of the way, we have another reason to be hopeful about the future,” said Houghton City Manager Eric Waara. “With these projects, Houghton will have two-plus buildings that were underutilized for decades which now will be reactivated to increase the availability of quality housing in our downtown and add to the great stock we have. Their vision and creativity in finding these opportunities and being able to seize on them with MEDC’s assistance will bring more residents to downtown, strengthen our local economy and add to the level of activity that makes our downtown buzz already.”
