May 4, 2016
InSite Capital is pleased to announce that developer Home Renewal Systems has been selected as a recipient of the 2016 Governor’s Award for Historic Preservation for its renovation of the former Fremont High School into 38 mixed‐income senior housing apartments.
In 2014, Home Renewal Systems needed a partner to invest in the Federal Historic Tax Credits as well as the Low‐Income Housing Tax Credits generated by the adaptive reuse of the historic building and its use as affordable housing. InSite Capital was able to not only step in as an investor in the Low‐Income Housing Tax Credits, but also brought in an outside investor for the Federal Historic Tax Credits.
Chemical Bank provided construction financing for the renovation. The County of Newaygo provided a brownfield grant, and a Michigan Housing and Community Development Fund Grant provided additional equity into the project. The property was also approved for a 10% PILOT by the City of Fremont.
“We are excited to be a part of the team to be selected as a 2016 Governor’s Award recipient,” stated Rich Lievense, Chairman of InSite Capital and Member of the Board of Directors for Chemical Financial Corporation. “We are pleased to have provided support for the structuring and utilization of available tax credits on the Gateway Senior Housing renovation. Additionally, we’re proud to support the developers by assisting with their financing needs.”
The Gateway Senior Apartments renovation provides senior citizens of the Fremont area with an affordable living experience close to downtown accommodations. Construction began in June of 2014, transforming the former Fremont High School into an attractive and efficient affordable property while maintaining its historic characteristics. The property lies on Main Street and serves as the gateway to the Fremont Community. The
first residents moved in during May of 2015.
Residents of the Gateway Senior Apartments are able to utilize the adjacent community center’s pool, gym, and multi‐purpose room for a variety of exercise and social programs, which are operated by the Fremont Recreational Authority. The rehabilitation results in an entire community for area senior residents to enjoy. The development team will receive the Governor’s Award during the public ceremony in the Michigan State Capitol Rotunda in May, which is National Historic Preservation Month. Six recipients were selected to win this year’s award.
To learn about previous Governor’s Award for Historic Preservation recipients, go to www.Michigan.gov/shpo, click on Special Projects and Governor’s Awards.
Read More: Governor’s Awards for Historic Preservation