October 31, 2001

HomeStretch opens doors

Ribbon cutting ceremony for six local homes

By Carol South
Herald contributing writer
       Brand spankin' new, the six homes built by HomeStretch are just about ready to welcome their new families.
      Debuting for the public last Wednesday, the in-town homes drew more than 80 inquiries, testimony to the need for affordable house in the area. Even before they were done, each home had both a purchase offer and a back up offer, with a list of eager families waiting for more homes to be built.
      As the first two of the purchasing families prepare to move in on November 1, calls are still coming in asking about more homes.
      Given the reception of these homes, the formal ribbon cutting ceremony Wednesday afternoon was a milestone for HomeStretch Nonprofit Housing Corporation, one both celebretory and inspirational.
      "I hope this is just the beginning," said William Merry, president and CEO of HomeStretch. "We've been working toward this and it was a great opportunity to have these lots in town."
      The group of six houses is the most ambitious project to date for HomeStretch, which previously had completed a duplex on Center Road and three house rehabs in Benzie and Antrim counties. Other projects underway include a new home in Kingsley and duplex rental units on Three Mile Road.
      The completed homes in Traverse City are just over 1,100 square feet and include an upstairs and a garage. They have a three bedroom, one and a half bath layout with a covered front porch, a design settled on by Merry and builder Mark Salgat.
      Fulfilling its mission to build affordable housing, HomeStretch is selling the houses for between $80,000-85,000.
      "You'd be hard pressed to find a nice home for that kind of money in this region, with a two-car garage," Merry said. "They were appraised for $105,000 but we will sell for quite a bit less than that."
      Merry said HomeStretch hopes to build at least three more homes next year, if lots become available.
      "There's buyers faster than we can build them," he said.
      HomeStretch began after a 1996 Housing Needs Study, funded by Rotary Services and Camps, found that there was a region-wide shortage of affordable housing. Members of the Affordable Housing Task Force were determined to meet this crisis, which affects more than 38 percent of the region's residents.
      HomeStretch is geared to low and very low income families in Grand Traverse, Benzie, Antrim, Kalkaska and Leelanau counties. With assistance from the Michigan State Housing Development Authority, Rotary Charities, and a variety of financial institutions, HomeStretch continues to search for future building and rehab opportunities.
      Their innovative approach has attracted notice statewide.
      "We got involved as a community partner with HomeStretch when they did their duplex on Center Road," said Bonnie Rennirt of the Michigan State Housing Development Authority. "They've grown by leaps and bounds since then."
      National City Bank was another community partner on these six homes. Michael Taylor, director of community development for National City Bank, said HomeStretch projects may become a model for other communities to follow.
      "What makes them unique is that the affordable housing here in Traverse City is such a problem because of high land costs," he said. "So building homes here requires a different type of structure. But in a lot of respects, what HomeStretch is doing will be a model for other communities that grapple with the same issues, like Ann Arbor."