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Developers continue work to close funding gaps for Munising Marketplace housing project
Summary
An unpaid project advocate updated the commission that the Munising Marketplace redevelopment has evolved into a 32-unit affordable/workforce housing project that now relies on low-income housing tax credits and awaits state legislative action to fill a funding gap.
An advocate for the Munising Marketplace redevelopment outlined changes in financing and design that have delayed final construction plans but kept the project active.
The speaker, who said they have advocated for the project since its inception and will continue to serve on the Munising Marketplace Group, traced the evolution of the project from a 2014 fire-hall redevelopment concept into a two-part, brownfield-linked plan. The current proposal calls for about 32 affordable workforce housing units (mostly one-bedroom studios) on a 1.4-acre site, ground-floor commercial space intended for a fresh-food cooperative and a daycare, and financing layered from low-income housing tax credits, brownfield funds and other incentives.
The advocate said developers are reworking the financial stack after a last-minute loss of a NEDC grant and after property-value increases changed the economics. The project team is awaiting action in the Michigan Legislature’s lame-duck session to address residual funding gaps; the developers plan an in-person update to the DDA and city commission after the New Year.
The speaker noted the county has a $286,000 brownfield redevelopment loan in place and that agreement between the Brownfield Authority and the DDA over TIF capture and tax-payment arrangements will be necessary for the residential portion. No formal action was taken; the commission was informed that developers will return with a progress report when legislative clarity is available.
