YPSILANTI, Mich. – Eastern Michigan University (“EMU”) broke ground this fall on its “Welcome Home 2025” Project. The Public Finance Authority (“PFA”) assisted EMU Campus Living, LLC in financing this project and closed on the financing deal in November 2022.
According to Moody’s Investor Service, this project will help create 3,000 newly constructed or renovated beds with two new apartment-style buildings constructed at Eastern Michigan University. Moody’s also noted that this project will increase upperclassmen student housing retention rates and attract graduate students to move on-campus.
“We’re excited about this unique project,” said Steve Collins, President of EMU Campus Living, LLC, the nonprofit partner created by Community Facility Public Private Partnerships (CFP3) to finance the project on behalf of Eastern Michigan University. “It will be transformative for the University and we look forward to seeing it come together.”
Eastern Michigan University’s website notes, “Founded in 1849, Eastern is the second oldest public university in Michigan. It currently serves more than 15,000 students pursuing undergraduate, graduate, specialist, doctoral and certificate degrees in the arts, sciences and professions… In 2022, EMU was ranked one of the best schools in the nation by U.S. News and World Report in the category of social mobility. The ranking reflects Eastern’s core value of being a welcoming institution of opportunity.”
“We are happy to be a part of the EMU Campus Living project in Ypsilanti. This project is one of many public benefit projects PFA is proud to support,” remarked Mark O’Connell, president and CEO of Wisconsin Counties Association, a founding sponsor organization of PFA. “Eastern Michigan University has a vision for greatness and this project is part of that vision. PFA supports EMU’s effort to prepare our nation’s next generation of problem solvers.”
PFA partners with local governments to assist in financing public benefit projects that create temporary and permanent jobs, affordable housing, community infrastructure and improve the overall quality of life in local communities without any risk to taxpayers. In 2021, the Public Finance Authority celebrated more than 10 years of assisting in financing public benefit projects that provide local economic development, create jobs, produce state and local tax bases, and meet the needs of eligible borrower’s state or local issuing authorities may not be able to serve.
PFA was established by local governments, for local governments, in order to provide local governments and eligible private entities nationwide with access to low-cost, tax-exempt and other financing for projects that are important to the community and contain no risk to the taxpayer. PFA is jointly sponsored by the National Association of Counties, National League of Cities, Wisconsin Counties Association and League of Wisconsin Municipalities.