MSHDA awards $13M in low-income housing tax credits

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Gov. Gretchen Whitmer. Courtesy state of Michigan

Three West Michigan projects will receive a share of $13 million in tax breaks from the Michigan State Housing Development Authority (MSHDA).

MSHDA and Gov. Gretchen Whitmer’s office on Wednesday, Dec. 15, announced they awarded more than $13 million in low-income housing tax credits (LIHTC) that will be used to build new affordable multifamily rental housing or to rehabilitate existing properties.

This funding round will support the construction or renovation of 14 properties and 690 affordable housing units in rural and urban communities across the state.

“Investments in housing help us put Michiganders first and are critical to furthering our economic momentum,” Whitmer said. “When families have a place to call home, it leads to upward mobility, a higher quality of life and thriving communities. This program helps us lower costs for working families by providing housing stability and opportunity. These awards will help us get a jump on my ambitious MI New Economy plan goal of creating 75,000 new or rehabilitated housing units within the next five years.”

LIHTC are federal tax credits administered through MSHDA following a competitive application process. Developers who receive LIHTC awards can claim credits against their tax liability annually for up to 10 years, incentivizing investments in affordable housing in local communities.

“Not only will these 14 projects provide greater access to affordable housing for Michigan families, but they will also stimulate local economic growth and bring us even closer to the goal of providing every Michigander with access to safe, quality, affordable housing,” said Chad Benson, MSHDA rental development director.

West Michigan developers to receive LIHTC

  • Commonwealth Development Corporation of America and Edifici LLC, for Lexington School Apartments in Grand Rapids — $874,283 for 39 new apartments
  • LINC Up Nonprofit Housing Corporation & MoTown Square Development for MoTown Square Affordable Assisted Living in Grand Rapids — $1,337,120 for 54 new apartments
  • Cove Investments and Community Advancement Advisors for West Belding project in Belding — $444,584, 48 renovated apartments

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