KALAMAZOO, MI (WKZO AM/FM) – Kalamazoo city commissioners are expected to give a green light to one of the new incentives being used to spark more housing projects statewide, to another large project downtown tonight.
Developer Jamari Bogan says The B on Burdick will include 18 studio, 48 one-bedroom and 19 two-bedroom apartments and other facilities at their location near the Bronson Hospital campus.
He says they could build it without the incentives, but they would have to charge rates that were well above the average median income for many renters.
City planner Jamie McCarthy says other proposals will bring down the cost of renting about 20% of the units to more affordable rates.
Commissioners will be asked to approve brownfield development grants for the project, something recently permitted by the state of Michigan to expand the number of incentives available for affordable housing projects. In this case, it will provide about $1.8 million in gap financing.
This is one of several grants requested for the project. Other state and local incentives are also being proposed and will be up for approval in the weeks and months ahead.
Comments