The Traverse City Housing Commission (TCHC) has received a $500,000 Affordable Housing Program grant to help rehabilitate the Riverview Terrace Apartments on Pine Street.

TCHC is planning a significant rehabilitation of Riverview Terrace, which contains 115 one-bedroom, one-bathroom apartments for the elderly and individuals with disabilities. The redevelopment plan includes improvements to the major building systems, including elevators, apartment interiors, common areas, roofing, and windows, among other improvements. Additionally, nine units will be upgraded to modern ADA standards.

Independent Bank sponsored TCHC in its application for a $500,000 Affordable Housing Program grant from the Federal Home Loan Bank of Indianapolis as part of a recent round of $11.2 million in competitive grants awarded to 24 projects throughout Michigan and Indiana. In addition to helping secure the grant, Independent Bank will provide construction financing and also donated $5,000 toward the Riverview Terrace project.

“Independent Bank has proven to be an invaluable partner for TCHC,” says TCHC Executive Director Tony Lentych. “Their support on all levels of our efforts to rehab and update Riverview Terrace Apartments demonstrates that they are serious about preserving affordable housing in our region.” The Affordable Housing Program grant will make a “significant difference” in the overall construction budget for the rehabilitation project, according to Lentych.