Location

EXECUTIVE SUMMARY:

Renaissance Townhomes is a well-maintained, quiet, multifamily community located 1.5 miles southeast of downtown Pontiac. It’s on the south side of Auburn Road, between Sanford Street and Martin Luther King Jr. Blvd. This building was built in 1950 and contains 56 townhomes. The property offers a diversified and extremely competitive unit mix comprised of 52 two-bedroom one bath townhomes with approximately 1001 sq.ft. of living space, and 4 three-bedroom one bath townhomes with approximately 1,001 sq.ft. of living space. The landlord is responsible for the water, and the tenants are responsible for their own gas and electric.

This property is in the Michigan State Housing Development Authority Low Income Housing Tax Credit program. It is currently under a regulatory agreement with a 15-year mandatory hold expiring in December of 2022. There is an “extended use” period that lasts for an additional 30 years upon expiration of the 15-year mandatory hold period. During the extended use period an owner may apply with MSHDA to remove the property from the program, but several restrictions do apply. Under the current regulatory agreement, there are median income restrictions ranging between 15% to 60% of AMI that apply.