MCKINLEY COMPLETES GREEN RETROFIT PROGRAM AT THE PONDSAugust 21, 2011
Second Largest Loan in the Nation Offered by the Office of Affordable Housing Preservation in 2010
Ann Arbor, MI August 15, 2011 McKinley is pleased to announce on behalf of The City of Taylor and Taylor Community Development Corporation that all improvements to The Ponds apartment community under the Green Retrofit Project (GRP) offered through HUDs Office of Affordable Housing Preservation (OAHP) have been successfully completed within the 12 month required deadline. This program provided funding of $6,060,059 to help renovate The Ponds apartment community which will in turn reduce energy demand, lower operating costs, improve the residents quality of life and reduce the community's impact on the environment.
This GRP award was the second largest loan among more than 221 properties that received loans or grants in 2010 and provided funding for significant energy related improvements including new 95% efficient boilers and water heaters, programmable thermostats, insulation and caulking/weather stripping. In addition, Energy Star refrigerators and dishwashers replaced old appliances that were inefficient and outdated. All residents at The Ponds also received new Energy Star air conditioning units in their apartments which is the first installation for these homes. Other interior apartment improvements included cabinet and counter top replacements, new doors, new carpeting, water-saving toilets, new exhaust fans and energy efficient interior lights. The exterior improvements on the property included new roofing, new energy efficient exterior lighting systems and repairs to all of the roads, service walks and sidewalks.
This project has helped to remodel and retrofit this 511 apartment home community in an energy efficient and environmentally friendly way," says Keith Hayward, Managing Director for McKinley. "The interior improvements have created new homes for our residents and the exterior improvements have created a more positive environment. The quality of life for our residents has been greatly enriched through the Green Retrofit Project and we are grateful to HUD for their support.
For more information on McKinleys Residential Client Services, please contact Kenneth P. Polsinelli, Chief Real Estate Officer at 734-769-8520 x230.
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Founded in 1968 and headquartered in Ann Arbor, McKinley is a leading owner and manager of multifamily real estate. Currently ranked #38 in the NMHC Top 50 list of national apartment management companies, McKinley owns and manages more than 33,000 units throughout 20 states. McKinley specializes in solving complex real estate problems for its own portfolio, as well as a select clientele of institutional investors, private equity clients and special servicers. McKinley is a member of the National Multi Housing Council (NMHC) and is recognized by the Institute of Real Estate Management (IREM) as an Accredited Management Organization (AMO).
About Taylor Community Development Corporation
Taylor Community Development Corporation is a not-for-profit organization formed November 20, 1997 by its sole member, the Taylor Housing Commission, to provide housing for low-to moderate-income families and to acquire, renovate and operate The Parks, The Ponds, The Commons senior apartments, The Courtyards and The Springs at The Villages of Taylor located within the City of Taylor