Funding & Grants📍 US
News BriefCPC Mortgage Co. has structured an $8 million permanent loan for an 80-unit affordable and workforce housing community that will be built in Battle Creek, Michigan.
Developed by Edison Community Partners, Riverbend at Capital will transform a long-vacant former Kmart site into a mixed-use community near the Kalamazoo River and downtown Battle Creek.
The approximately $30.2 million project includes a four-story residential building with one- and two-bedroom apartments, as well as a multipurpose community center that will house an early childhood learning center, resident amenity space, and additional community services.
Forty-eight of the apartments will be income- and rent-restricted under a low-income housing tax credit (LIHTC) regulatory agreement. The remaining 32 apartments are restricted as workforce housing for households earning up to 120% of the area median income, or approximately $96,840 for a four-person household.
CPC Mortgage Co., a subsidiary of The Community Preservation Corp., provided permanent financing through a Freddie Mac 9% LIHTC unfunded forward loan, facilitated by Cinnaire. Additional support comes from the Michigan State Housing Development Authority, which awarded the housing credits for the project; the Michigan Economic Development Corp., which awarded a $5 million Revitalization and Placemaking grant; the city of Battle Creek, which approved a 50-year payment in lieu of taxes agreement; the W.K. Kellogg Foundation, which provided grant support; and Battle Creek Unlimited, which owns the property and has supported the site’s transition back into productive community use.
“Riverbend at Capital is the kind of thoughtful, mission-driven development that turns vacant land into long-term community value,” said Nicole Ferreira, head of CPC Capital. “CPC Mortgage Co. is proud to provide permanent financing that supports new affordable and workforce homes, expands access to childcare, and helps deliver a durable, high-performance building that can lower operating costs and provide residents with a more resilient home.”
Riverbend at Capital is the first phase of a broader redevelopment strategy for the approximately 10-acre site. Future phases are anticipated to introduce additional mixed-income housing, retail and small-scale commercial space, enhanced public green space, and community amenities that reconnect urban-core neighborhoods with downtown Battle Creek.
