Victories Square offers studio, one- and two-bedroom apartments, including eight units set aside for tribal members, supporting long-term housing and community growth in Petoskey

Odawa Economic Development Management Inc. (OEDMI), the economic arm of the Little Traverse Bay Bands of Odawa Indians (the Tribe), and Community Housing Network (CHN), along with Hunt Capital Partners, celebrated the grand opening of Victories Square at a ribbon-cutting ceremony held today from noon to 1:30 p.m. Located at 1380 Victories Lane, the 50-unit affordable housing development offers a mix of studio, one and two-bedroom apartment homes for families and tribal members. Built on tribal trust land, eight of the units include project-based rental assistance for low-income Tribal citizens through 45-year contracts provided by the Tribe.

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Exterior photo of Victories Square. Photo Credit: Community Housing Network

Victories Square represents a significant step in addressing community development needs in Petoskey, a city of about 5,865 residents that welcomes roughly 750,000 visitors each year, by offering 50 rent-restricted affordable homes for individuals earning up to 30%, 40% and 80% of the area median income (AMI). Victories Square is part of a larger mixed-use development plan that includes a 139-room Courtyard by Marriott and two commercial buildings with several high-profile retail and restaurant tenants.

“It’s been an honor to partner with Odawa Economic Development Management Inc. and the Little Traverse Bay Bands of Odawa Indians to bring this vital development to life,” said Kirsten Elliott, CEO at Community Housing Network. “With a critical shortage of affordable housing across our state, these new homes will empower families and workers in Petoskey to live, work and thrive within their own community.”

Each home is equipped with a dishwasher, microwave, garbage disposal, washer and dryer connections, Energy Star kitchen appliances, LED lighting, walk-in closets, exterior storage and central air conditioning. Residents benefit from amenities such as a community room, bike racks, on-site management and Wi-Fi in all common areas. Victories Square is built to meet National Green Building Silver and Michigan State Housing Development Authority (MSHDA) Green Policy certifications.

To commemorate the event, key project partners and city officials provided remarks, which included speeches from Little Traverse Bay Bands of Odawa Indians Tribal Chairperson Winnay Wemigwase, Community Housing Network President & CEO Kirsten Elliott, Michigan State Housing Development (MSHDA) Chief Housing Investment Officer Tony Lentych, City of Petoskey Mayor John Murphy, and Emmet County Board of Commissioners Chairman David White. Following the ribbon cutting, property tours and lunch were offered to all guests in attendance.

CHN led the development team as developer, in partnership with OEDMI and the Little Traverse Bay Bands of Odawa Indians. MI-Oaks Construction LLC, a joint venture between Miller Diversified Construction and Oakwood Construction Company, the general contractor. Dimension IV Madison Design Group is the architect of record and Prestige serves as the property management agent.

“Hunt Capital Partners is proud to have played a role in the Tribe and OEDMI’s initiative to deliver high-quality, affordable housing for community members,” said Omar Chaudhry, Senior Director, Acquisitions at Hunt Capital Partners. “Victories Square shows how tribal communities can collaborate with private partners to enhance infrastructure, boost economic stability, and offer lasting housing options for members as the community evolves.”

Victories Square is financed in part with $13 million in 9% federal Low-Income Housing Tax Credits awarded by MSHDA and syndicated by Hunt Capital Partners. OEDMI provided a $5 million soft loan from the Tribe, the Shakopee Mdewakanton Sioux Community and MSHDA, as well as a $448,000 Affordable Housing Program grant through the Federal Home Loan Bank of Indianapolis.

The same development team applied to the MSHDA early this month to begin Phase II of Victories Square. Phase II would create 44 additional affordable units adjacent to the current development, expanding housing options for the community.

About Community Housing Network

Community Housing Network is a Troy-based nonprofit that empowers people to live in affordable homes to help build thriving communities. Last year the organization helped more than 17,000 Metro Detroiters, investing $12.5 million into the community so children, families, people with disabilities and other vulnerable populations can live in stable, dignified homes. Community Housing Network has developed six affordable living communities throughout Metro Detroit and has built - or is building - affordable living communities statewide in cities including Saule Ste. Marie, Petosky and Port Huron. For more information, visit CommunityHousingNetwork.org.

About Hunt Capital Partners

Hunt Capital Partners (HCP) is the tax credit syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the sponsorship of Federal and State Low-Income Housing, Historic, and Solar Tax Credit Investments funds. Since its inception in 2010, HCP has raised over $3.9 billion in tax credit equity in over 48 proprietary and multi-investor funds, financing development in 48 states and territories. Founded in 1947, Hunt is a privately held company that invests in businesses focused in the real estate and infrastructure markets. The activities of Hunt’s affiliates and investors include investment management, asset management, property management, development, construction, consulting and advisory. For more information on HCP, please visit www.huntcapitalpartners.com, or for Hunt, please visit www.huntcompanies.com.

Environmental Social and Corporate Governance (“ESG”) Investing

Hunt Capital Partners recognizes that its institutional investors are seeking to increase the social value of their investments to help further their ESG initiatives. Investment in affordable housing improves the living conditions of its residents. It helps remove obstacles that impede creation of a healthy, safe, and stable home environment for low-income families and seniors' families spend less on housing-related expenses, they have more resources for other essentials such as food and clothing, extracurricular activities, and educational programs. One of the most significant benefits of providing quality affordable housing is an increase in an individual’s physical and mental health. Hunt Capital Partners’ affordable housing investments create a lasting effect on the people and communities they serve for generations to come.

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“With a critical shortage of affordable housing across our state, these new homes will empower families and workers in Petoskey to live, work and thrive within their own community,” said Kirsten Elliott, CEO at Community Housing Network.