Lofts at Lumber Square

Who will live here?

This development is designed to meet the needs of our "missing middle" or middle-income community members. These are people who work here, but still can't find an affordable place to live near their work workplaces and schools. The Lofts at Lumber Square will provide a safe, affordable place to live for households earning between 80%-120% of Area Median Income (AMI). 

2025 Income Limits

What will the rent be?

Official rental rates have not yet been finalized.

Rents will be based on Area Median Income (AMI) and the principle that housing costs should not exceed 30% of a household’s gross income.

As of spring 2025, estimated monthly rents are expected to be approximately:

• $1,225 for a one-bedroom

• $1,450 for a two-bedroom

• $1,650 for a three-bedroom

These estimates are subject to change as the project progresses and final guidelines are established.

 

Who will own and manage the property?

The project will be owned and managed by Northern Homes Community Development Corporation. Northern Homes is a nonprofit organization based in Boyne City whose mission is to create and preserve quality affordable homes in Northern Michigan. They have a successful track record of owning and operating apartments in the Petoskey Area.

What is affordable workforce housing?

Workforce housing is housing that is affordable to an area's workforce. 

Affordability can be deeply personal and can mean different things to different people; what one household might consider affordable could be very different from another. When it comes to government housing programs, however, there are some parameters and definitions for what is considered affordable.

In short, affordability is based on area median income, aka AMI. Low-income typically refers to households earning less than 80% of AMI. Workforce housing typically refers to households earning 80-120% of AMI.

For your reference, as of Fall 2024, Emmet County's area median income for a four-person household is $90,000, and the AMI for a single-person household is $63,000. 

What makes these rents lower than the typical market rates for the area?

The Lofts at Lumber Square will be available for less than area market rents thanks to funding from generous donors, government grants, and the work of our nonprofit partners. 

Why are donations necessary for this project?

The high cost of building materials, labor, and land results in new homes costing more to build than the local workforce can afford. 

To fill the gap in funding and keep the apartments affordable, developers need to turn to alternative funding sources.

The Lofts at Lumber Square housing development is made possible thanks to the generosity of donors. Every dollar donated unlocks over three dollars in grants and low-interest loans. Thanks to $3.7 million in donations, we will meet our $18 million budget. 

Construction is underway, but we are still fundraising for this project.

When will the apartments be complete?

Construction is expected to be complete by the end of 2025.

How can I apply for an apartment?

The Lofts at Lumber Square are currently under construction. An official waitlist will be created about six months before move-in. In the meantime, those interested should contact Northern Homes to be the first to know about leasing opportunities.

How much more do you have to raise?

We are getting closer to our goal every day, but we still need your help! As of spring 2025, we have raised $3.2 million in philanthropy.

We still have $500,000 in donor funding left to raise. 

Click the donate button to donate now, or contact us at (231) 348-5820 to discuss ways you can support this project.

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What else is being done to improve housing in our community?

We know there is no one-size-fits-all solution to our area's housing crisis. We need housing options in all shapes and sizes. Thankfully, many area individuals and organizations are working to provide more housing options for our community, and the Community Foundation is proud to be able to support many of them.

Some innovative housing solutions include work by the following nonprofit partners:

• NW MI Habitat for Humanity
  The typical Habitat for Humanity organization produces 3-4 new homes per year for their service area. NW MI Habitat for Humanity has been creating a sustainable way to build at least 13 new homes per year, providing over 40 new homes in our communities by 2025. New homes are currently available for eligible buyers.
   
• Northern Homes Community Development Corporation
  Northern Homes' mission is to create and preserve quality affordable housing opportunities for Northern Michigan residents through education, development, and partnering with local communities. Built on a Community Land Trust Model.
   
• Harbor Area Residential Trust (HART)
  HART's mission is to preserve the beauty of our area and strengthen it by helping more local residents put down roots through home ownership. HART acts as the Harbor Springs arm of Northern Homes Community Development Corporation. 
  
   

Who are the project partners making this possible?

Thank you to the project partners recognized above.

In addition to these important organizations and agencies, this project would not be possible without the help of numerous private donors.

A heartfelt thank you to our generous friends and neighbors who recognize the urgency of this issue and are playing a vital role in helping solve it.