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County approves two Presbyterian Village brownfield plans to expand affordable housing in Pontiac
Summary
The finance committee approved two linked brownfield redevelopment plans—one 4% and one 9% Low‑Income Housing Tax Credit (LIHTC) project—to expand Presbyterian Villages' affordable units in Pontiac; presenters described unit counts, AMI targeting and a 30‑year reimbursement schedule for developer missing income.
Brownfield counsel and county staff presented two related redevelopment plans for Presbyterian Village Oakland Woods in Pontiac: a 4% LIHTC project to expand cottage‑style units and a 9% LIHTC project for garden‑style apartments.
Presenters said the 4% project sits on 27 acres with 32 cottage‑style units, a total project cost of about $14,000,000, and targets households at 60% Area Median Income (AMI) and below. The plan includes $6,400,000 of developer reimbursement (described as "missing income or missing rents") paid over a 30‑year payback period.
The companion 9% project covers roughly 6.77 acres and would create 52 units (12 cottage style and 40 garden style). The garden‑style apartments target 45% AMI and below; one‑ and two‑bedroom units target up to 80% AMI. Presenters said developer reimbursement for the 9% project is about $8,200,000 over a 30‑year payback.
Commissioners asked about affordability term expirations and were told presenters would follow up with specific compliance lengths for each LIHTC project. After brief discussion, the committee approved both brownfield redevelopment plans (recorded vote: 7 ayes, 0 nays for the 4% project; similar approval for the 9% project).
