Local non-profit works to offer more affordable housing

(TRAVERSE CITY, Mich.) Finding a place to live in the Traverse City region, especially one that's within your budget, can be a challenge. 

"We get calls everyday that we have to turn down just because of they need a place within 30 days or they need it within 60 days," said Jon Stimson, the executive director for Homestretch, a non-profit housing corporation in Traverse City. 

Those calls are why Stimson is working to add to the housing supply in northern Michigan. 

Homestretch builds affordable housing for renters and people who would like to be homeowners. 

The non-profit is currently finishing up a town house project on Eighth street. 

"We need units, we need housing, as much housing as possible," said Stimson. 

There are six town houses that will be 980 square feet and have two bedrooms and two bathrooms. 

Two will be rented out at $750 per month and the other four will be rented out at $850 per month. 

Stimson says Homestretch tenants typically fall under a certain set of demographics. 

"It's a combination of elderly that are on social security," said Stimson. "The other demographic that we cater to are probably single mothers and single professionals and they're just not able to find any housing in Traverse City that their income can afford and we make sure that we rent to those um whose income is 30 percent of our rent."

The total cost for the project is around 1.3 million dollars. 

Stimson says Homestretch received a grant of just over 1 million dollars from the Michigan State Housing Development Authority (MSHDA), to help with the project. 

Grants like that are what Stimson says help keep the rents at affordable rates. 

"If we don't get that permanent debt to within a third or less than a third of the total development cost we cannot build affordable housing so it's the grants and affordable subsidies that really make these projects come together," said Stimson. 

Homestretch is also working on a project in the Village of Honor. 

Stimson says the town homes on Eighth street are scheduled to be move in ready by the end of July. 

If you would like more information about Homestretch you can go their website: http://homestretchhousing.org/who-we-are/.