Redevelopment Underway:  New Village Park

 New Village Park is the preservation of 152 U.S. Department of Housing and Urban Development (HUD) subsidized apartments and townhomes at the Kalamazoo community known as New Horizon Village.  New Horizon Village was developed in 1972 through HUD’s Project Breakthrough program.  Originally developed with a cooperative ownership structure, the project was purchased by LIFT Foundation, a nonprofit housing corporation (LIFT) in 2010.  LIFT’s history as a 501(c)(3) sponsor of HUD subsidized affordable housing, along with the expertise of its development partner, Brinshore Development, LLC, placed these organizations in a unique position to recapitalize the property and preserve this affordable housing resource.

 New Horizon Village was originally constructed with 245 units of below market affordable housing.  Through this preservation activity the property was subdivided into two parcels allowing 152 units, now known as New Village Park, to be restructured through HUD’s Mark-to-Market program and the Low Income Housing Tax Credit (LIHTC) program.  The combination of these sources will allow for a full renovation to allow the property to serve its residents over the long term.  Construction is currently underway with phased completion beginning in May of 2013.

 LIFT and Brinshore worked with numerous organizations and agencies to bring this project to fruition, without their help the future of this housing asset would have been uncertain:

 Project Funders

Bellwether Enterprise

Citi Community Capital

The City of Kalamazoo

Kalamazoo Community Foundation

Michigan State Housing Development Authority

Red Stone Equity Partners

U.S. Department of Housing and Urban Development

Project Partner:

Kalamazoo Community Mental Health and Substance Abuse Services

Construction Team:

DTS + Winkelman Architects

Wolverine Building Group

Property Managers:

Intrepid Professional Group

Phoenix Properties, LLC