ROSEVILLE, MICH. — Affordable housing investment and development firm Standard Communities has acquired The Meadows, a 124-unit property in Roseville, an unincorporated city 15 miles northeast of downtown Detroit. All units are income-restricted and supported by project-based Section 8 Housing Assistance Payment (HAP) contracts. Of the 124 units, 111 are restricted to households earning at or below 60 percent of area median income (AMI), and 13 are restricted at 40 percent AMI. Affordability was extended through a 20-year Section 8 renewal via a HAP assignment and assumption.
Standard will complete renovations valued at $10.5 million focused on updates to unit interiors and shared community areas. Tenants will not be displaced during construction. The property consists of 21 residential buildings and a centralized leasing and community building.
Financing was completed in partnership with the Michigan State Housing Development Authority, which served as tax credit allocator and bond issuer. The City of Roseville supported the transaction through a new PILOT agreement, and the U.S. Department of Housing and Urban Development approved the contract renewal.