Our community is facing a housing crisis. We do not currently have enough safe, affordable housing options to meet the needs of our community's workforce. One solution to this problem is Lofts at Lumber Square, a new 60-unit housing development located in Petoskey.
Want to know more? Check out the FAQ below.
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. Lofts at Lumber Square will provide a safe, affordable place to live for households earning between 80%-120% of Area Median Income (AMI).
Visit https://lumbersquare.com/ to learn more about eligibility and apply.
Rents are based on Area Median Income (AMI) and the principle that housing costs should not exceed 30% of a household’s gross income.
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.
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.
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.
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.
Lofts at Lumber Square housing development is made possible thanks to the generosity of donors. Every dollar donated unlocked over three dollars in grants and low-interest loans. Thanks to $4 million in donations, we have reached our fundraising goal for this project!
Lofts at Lumber Square is complete! To learn more and apply, visit https://lumbersquare.com/
Lofts at Lumber Square are currently under construction and almost complete.
To inquire about availability and eligibility, please email [email protected] or call 231-582-6244. You can learn more at https://lumbersquare.com/.
Thanks to over 400 donors, we have reached our fundraising goal for this project.
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:
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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.
