Woda Cooper Companies recently completed a $3.2 million rehabilitation of the 24 units at Maple Hill Apartments in Cadillac, MI. The substantial rehabilitation included new kitchens with ENERGY STAR appliances, new baths, new flooring, windows, doors and energy-efficient HVAC systems, plumbing, insulation, roofs, siding and landscaping plus more.
To finance the rehabilitation, Woda Cooper received Federal Low Income Housing Tax Credits allocated by the Michigan State Housing Development Authority (MSHDA) and InSite Capital invested in the tax credits. Woda Cooper also received additional loans from Bellwether Enterprise. Woda Cooper also assumed the property’s existing RD 515 loan from RD. Chemical Bank provided a construction loan. The City of Cadillac was highly supportive of the proposed renovation of Maple Hill, providing a PILOT tax abatement to Woda Cooper as part of the redevelopment plan.
