 for 10 new and renovated housing developments in six communities){kind=link}
Michigan – Governor Gretchen Whitmer announced a big step forward in Michigan’s plan to make more affordable homes available. Last week, her administration gave the go-ahead for nearly $14 million in federal Low-Income Housing Tax Credits (LIHTC) for 10 new and renovated housing developments in six communities. These projects should create or keep 484 affordable rental units, as well as hundreds of jobs and more than $171 million in total development investment.
The funding comes through the Michigan State Housing Development Authority (MSHDA), which administers the LIHTC program in the state. The tax credits that were given out, which are expected to be worth $141 million over the next ten years, would help both new development and the renovation of existing rental units.
“In Michigan, we are making record investments into housing so we can increase supply and lower costs for buyers and renters,” said Governor Whitmer. “Today’s investments statewide will build and protect 484 homes while supporting more than 800 good-paying construction jobs. Together, let’s build, baby build more housing and make our communities better places to live, work, and invest.”
“Every day at MSHDA, we’re focused on expanding Michigan’s housing supply, because more homes mean lower rents and more options for Michiganders,” said Tony Lentych, MSHDA Deputy Director and Chief Housing Investment Officer. “By investing in new development and rehabilitation of existing properties, we’re helping ease the pressure on the housing market and bringing stability and opportunity to more communities across the state.”
Among the awarded projects are the 130 E. Grand Boulevard Apartments and two new phases of the Villages of Parkside development in Detroit. Muskegon, Grand Rapids, Brown City, South Haven Township, and Battle Creek are also getting money from this round. Each project got between $743,000 and $1.65 million in tax credits.
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The Alpine Senior Apartments in Grand Rapids and Northern Pines in Battle Creek will help older people, and additional apartments in Muskegon and South Haven Township will make it easier for working families to get housing.
The LIHTC program is one of the best ways to get developers to build affordable houses since it lets them lower their federal tax bill by up to 10 years.
With this latest round of funding, Michigan keeps working to fix the housing crisis by backing projects that not only construct homes, but also build futures.
The full list of projects and details about each of them can be found here.