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Mayor Virg Bernero will join The Whitsett Group (TWG) development team and other stakeholders tomorrow morning for the launch of the $12.5 million Walnut Park Apartments project, which will include eight market rate and 64 affordable housing units on the historic campus of the former Michigan School for the Blind. Demolition of the old Auditorium building, which has been vacant and deteriorating since 1995, will commence immediately following the press conference to make way for the new four-story, 106,500 square foot structure.
Earlier this year the Walnut Park Apartments project was awarded Low-Income Housing Tax Credits (LIHTC) by the Michigan State Housing Development Authority (MSHDA). These credits are enabling Cinnaire, the Lansing-based community development finance organization, to provide $9.7 million of equity for Walnut Park Apartments. Cinnaire is also providing a $2.3 million permanent loan. Fifth Third Bank is providing a $9.3 million construction loan. Based in Indianapolis and specializing in multi-family developments, TWG also plans to transform the historic Abigail building on the School for the Blind campus into affordable apartment units for seniors.