WYOMING, MICH. — Cherry Health and Woda Cooper Cos. have broken ground on Shea Ravines, a 56-unit affordable housing community in Wyoming, about six miles south of Grand Rapids.
Shea Ravines will be a LEED-certified, four-story building with an elevator. It will offer 40 one-bedroom and 16 two-bedroom apartments for singles, families and seniors who earn up to 80 percent of area median income.
The property will have 20 Permanent Supportive Housing (PSH) units. These units are specifically reserved for people experiencing homelessness or people with disabilities. The PSH units are supported by rental assistance provided by the Grand Rapids Housing Commission. Nonprofit services provider Community Rebuilders of Grand Rapids will coordinate supportive services to assist these residents in achieving greater self-sufficiency.
The City of Wyoming approved a 3 percent Payment in Lieu of Taxes (PILT) for the project. PILT is a program run by the U.S. Department of the Interior. It will enable Shea Ravines developers to make payments to the city as a substitute for property taxes. Additionally, in 2024, the Michigan State Housing Development Authority (MSHDA) allocated housing tax credits to Shea Ravines to support the development financing.
Marble Cliff Capital is investing in the tax credits to provide equity financing for the project. Grand Rapids-based Independent Bank is providing a construction loan as well as a permanent mortgage. A completion date was not announced.