GRAND RAPIDS, MI — A Columbus, Ohio-based development company want to demolish a funeral home on Grand Rapids’ Northwest Side and build two, four-story apartment buildings for low- to moderate-income residents.
Craig Patterson, senior vice president of Woda Cooper Companies, said his firm plans to apply for state low-income housing tax credits to finance the two buildings at 585 Stocking Ave. NW and 601 Stocking Ave. NW.
The buildings would contain 58 apartments.
If financing is secured and all necessary approvals for the estimated $16.7 million project are received, Patterson said his company would demolish the Arsulowicz Brothers Mortuary building at 585 Stocking Ave. NW.
Stephen Arsulowicz, of Arsulowicz Brothers Mortuary, could not be reached for comment Tuesday afternoon. In addition to the Stocking location, the company has locations at 937 Michigan Ave. NE and 3535 Remembrance Rd. NW in Walker.
Patterson said the project is important because there is a shortage of affordable housing in Grand Rapids.
The development would provide housing for residents with a range of income levels.
Twenty-one of the units would be considered “permanent supportive housing,” and would be reserved for people experiencing homelessness or individuals with disabilities, Patterson said.
About half the units would be reserved for residents whose income does not exceed 80 percent of Kent County’s area median income. For a one-person household, that translates to an income of up to $44,960, according to the Michigan State Housing Development Authority. It translates to up to $51,360 for a two-person household.
He said the goal of the project is to provide housing to a range of residents, from those who are very low-income to those who are considered part of the “missing middle.”
That group includes residents who make less than the area median income but don’t qualify for housing assistance funds, such