chapter 10

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In June of 2006 a plan was launched to integrated attractive, affordable housing into one of Traverse City's most desirable downtown neighborhoods, Midtown. These would be townhouses. The income range buyers they were looking for were in the 30 to 40,000 dollar range. What was unique about this projects was that it involved the coordinated efforts of a private developer, a nonprofit organization, and a state agency. Without going into the details, what made this work was each players unique access to certain monies and the timing and flow of those monies as was needed by the project. Another important aspect was to enable the developer to offer the price at a great price without losing his shirt. Private donors, businesses, non-profits, and government agencies all did their bit to make it happen. Because there was little room for error in terms of a return on the investment careful attention was paid in who could obtain a mortgage on these dwellings. Even more important in this respect was that the group putting this together had to overcome the NIMBY (not in my back yard) syndrome that often comes with "affordable housing." The Midtown residents that they had to persuade very much liked the idea of a teacher living next to a doctor, who lives next door to a mechanic because of the appeal of diversity. The Midtown residents just needed reassuring that the project would weed out the flakes. Its all about protecting property values. The team that put this together acknowledge the need for affordable housing, especially within easy reach of jobs and shopping and in their first venture in Midtown sixteen townhouses were sold, and all seems well. Of course, their success has already got them looking ahead to other innovative ventures. Next stop: mixed-income development around Traverse City's old train station, which is within walking distance from downtown.

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