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Holland council approves revised agreements for Dwelling Place affordable housing project
Summary
The Holland City Council unanimously approved revised agreements and a supporting resolution to advance Dwelling Place developments that include five units for the First Hope on 10th project and 38 units at Collin Park; the developer has secured a low-income housing tax credit and staff anticipates closing in April 2025 pending state approvals.
HOLLAND, Mich. — The Holland City Council on Jan. 8 unanimously approved revised municipal agreements and a resolution to keep moving forward with Dwelling Place’s affordable housing developments on 10th Street and at Collin Park.
City Manager Keith Van Beek introduced the item and invited Mark Myers, the city’s community and neighborhood services director, to outline updates. Myers told council the project now includes a five-unit First Hope on 10th component on city-owned land and 38 units at Collin Park Apartments. The developer was awarded a federal low-income housing tax credit (LIHTC), a key financing element, and received a grant from the Holland Zeeland Community Foundation, Myers said. Staff also identified required approvals from state agencies — the Michigan State Housing Development Authority (MSHDA) and the Michigan Department of Environment, Great Lakes, and Energy (EGLE) — and is updating dates in an existing payment-in-lieu-of-taxes agreement and municipal services agreement to reflect current timelines.
"It is moving forward," Myers said in presenting the update, noting the development team has begun due diligence and anticipates closing in April 2025. When asked by Councilmember Corbin, Myers explained LIHTC helps make projects financially viable and that units designated affordable will target households at or below 80% of area median income.
Councilmember Soule moved to approve the revised agreements and the supporting resolution; the motion was supported and passed on a roll call vote with all present voting yes. The vote, as recorded in the meeting, was unanimous.
The action updates dates and reaffirms the city’s prior approvals — including an earlier payment-in-lieu-of-taxes agreement and municipal services agreement — that enabled Dwelling Place to pursue the financing needed for the two-site development. City staff said the project’s LIHTC award was decisive in making the financing package feasible.
Next procedural steps cited by staff include completing due diligence and obtaining the outstanding state approvals before closing. The council’s vote authorizes the updated agreements needed for the project schedule and continued pursuit of state agency approvals.
The council approved the item during its regular session; staff said the developer aims to close in April 2025, subject to MSHDA and EGLE approvals and standard closing conditions.
