HANCOCK, MI— The Michigan Strategic Fund has awarded the City of Hancock $4.5 million to repurpose a former Finlandia University building for housing.
The money is a performance-based Michigan Community Revitalization Program Direct Loan. It will be used to create up to 27 new residential housing apartments as part of the Skyline Commons project.
It will create 15 one-bedroom apartments and 12 two-bedroom apartments, with rent between 60% and 100% of the Area Median Income for Houghton County. Nine of the units will be reserved as affordable or workforce housing for up to 15 years.
The project will also preserve about 40,000 square feet of commercial office space housing existing tenants and several medical professionals, and update more than 60,000 square feet of underutilized space to house new commercial tenants.
