Workforce Housing generally refers to housing for residents earning between 80% to 120% of the area median income (AMI). In other words, housing priced for the income ranges of teachers, police officers, nurses, bartenders etc. Workforce Housing is also referred to as “Attainable Housing” and “Missing Middle”.
Due to recent changes in the law, Allen Edwin Homes’ can now collaborate directly with local governments to build quality 3- and 4-bedroom homes to an underserved market by investing $20 million to $50 million annually in new Workforce Housing.
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Legislation passed late last year aimed at boosting the supply of so-called “workforce housing” around the state is starting to have an impact.
At least two communities in Michigan — White Cloud and Jackson — have passed ordinances in recent weeks that homebuilding executives say allows their companies to develop new rental housing that can be leased at a much lower rate, largely by allowing the developer to make an annual payment as opposed to paying traditional property taxes.
“We’re seeing a huge sense of urgency from city leaders,” Brian Farkas, director of workforce housing at Portage-based Allen Edwin Homes, said of the push by Michigan municipalities to ramp up housing development amid a major shortage.
Farkas told Crain’s that the company has had discussions with myriad other municipalities around the state, from Muskegon to Hillsdale to Battle Creek, each of which have talked about adopting ordinances that would allow for more workforce housing, generally defined as housing that is affordable for those earning between 80% and 120% of the area median income.
Additional information about the Housing TIF Program (MSHDA)
Senate Bill No. 129 (New TIF Law)
Senate Bill No. 432 (New Workforce PILOT Law)
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Interest rates, payments, terms and availability are examples only and are subject to change without notice. Interest rates may not be available at the time of loan commitment or closing. Loans are subject to credit approval. Restrictions and conditions may apply for all Allen Edwin Homes and affiliate partner buyer programs. * This is NOT a commitment to lend. Financing example is based on the sales price with a 5% down payment. Mortgage is a 30 year Fixed Rate Mortgage loan with an interest rate of 5.625% fixed with 2 points (APR to be determined by a lender). Monthly principal and interest are included in the above payments. Monthly taxes, mortgage insurance and hazard insurance are not included in the payments for this loan program. HOA dues are additional and not included in the above payment. Maximum loan amounts are based on county limits and vary between counties. See a lender for information. Not all applicants will qualify for financing. It is important to make an informed decision when selecting and using a loan product; make sure to compare loan types when making a financing decision. Interest rates, payments, terms and availability of this loan program, and the sales price, are examples only and are subject to change without notice. Interest rates may not be available at the time of loan commitment or closing. Loans are subject to credit approval. Restrictions and conditions may apply. Interest rate and APR for Fixed Rate Mortgage (ARM) programs are subject to increase or decrease. Rates are quoted as of 1/02/24.