Victories Square LIHTC Building 4 received a 2021 Low Income Housing Tax Credit (LIHTC) award from the from the Michigan State Housing Development Authority. Odawa Economic Development Management Inc. (OEDMI), owned by the Little Traverse Bay Bands of Odawa Indians, will build 50 new apartment units in Petoskey, Michigan.
Plans for the five-story building include 33 one-bedroom units, 12 two-bedroom units, five studio units — with floor plans ranging from 640 to 1,052 square feet — and 1,200 square feet of lobby space and more than 2,800 square feet of community space with a fitness center and community rooms.
The project is a part of a larger mixed-use development, Victories Square, and will address the significant shortage of affordable housing in the community. The first phase of the development built a Courtyard by Marriott hotel and two outbuildings for commercial tenants: Starbucks, T-Mobile, Great Clips and Boston’s Pizza Restaurant & Sports Bar.
Built Form LLC provided development renderings.
At a Glance
- Native Organization: Odawa Economic Development Management Inc.
- Asset Management Client
- Date Completed:
- Development Type: New Construction
- Project Status: Credits Awarded
- Total Homes: 50
- Total Project Cost: $12,843,928
- Total Investor Equity: $10,687,841
- Total Grant Money: $448,000