The Michigan State Housing Development Authority is doling out $27.9 million in low-income housing tax credits to a slew of projects, including several in West Michigan.
Last week, the Michigan State Housing Development Authority (MSHDA) announced the award — its largest in recent history — which will be used to construct new affordable multifamily rental housing and to rehabilitate existing properties for low- to moderate-income Michigan residents.
The funding round will support the construction and renovation of more than 1,400 affordable housing units in rural and urban communities throughout the state. Of the 25 LIHTC-funded projects, 20 involve new construction, creating over 1,000 new affordable apartments. Five existing projects also will see rehabilitation and renovation in about 470 units.
Low-income housing tax credits are federal tax credits administered through MSHDA following a competitive application process. Developers who are recipients of these funds can claim credit against their tax liability annually for up to 10 years, thereby continuing to incentivize investing in affordable housing in local communities.
“These 25 new projects will create an estimated 2,000 jobs, stimulate local economic growth, and bring needed new and improved safe, decent and affordable housing options to areas where it is needed most,” said Chad Benson, MSHDA rental development director.
“When people have an affordable place to call home in their community, they have the dignity, stability and peace of mind knowing one of their basic needs are met,” Gov. Gretchen Whitmer said. “Investments in housing are foundational to continuing our economic jumpstart, and I am grateful to MSHDA for helping hundreds of families find a home and have a launching pad to pursue their potential.”
The development projects receiving LIHTC awards in West Michigan are as follows:
530 Rose, Kalamazoo
Developer: Jon Durham and PS Equities
LIHTC award: $1,034,000
Units: 64 new apartments
900 Division (9%), Grand Rapids
Developer: Ginosko Development Company and United Methodist Community House Inc.
LIHTC award: $1,130,134
Units: 47 new apartments
Avenue II Apartments, Grand Rapids
Developer: LINC UP
LIHTC award: $346,583
Units: 20 rehab and new apartments
Eastpointe Commons I, Grand Rapids
Developer: Hope Network Affordable Independent Living Nonprofit Housing Corporation and Cove Investments
LIHTC award: $1,459,750
Units: 56 new apartments
Eastpointe Commons II, Grand Rapids
Developer: Hope Network Affordable Independent Living Nonprofit Housing Corporation and Cove Investments
LIHTC award: $1,500,000
Units: 62 new apartments
Hartford Terrace Apartments, Muskegon
Developer: Muskegon Housing Commission, Cove Investments LLC and Ethos Development Partners LLC
LIHTC award: $1,440,000
Units: 160 rehab apartments
Marywood Motherhouse, Grand Rapids
Developer: PK Development Group, Third Coast Development and the Dominican Sisters of Grand Rapids
LIHTC award: $1,196,939
Units: 52 new apartments
Royal Coach Apartments, Hastings
Developer: General Capital and Gun Lake Investments
LIHTC award: $1,478,500
Units: 73 new apartments
Union Suites on Coit, Grand Rapids
Developer: Dwelling Place of Grand Rapids and Union Suites Development LLC
LIHTC award: $1,104,000
Units: 52 new apartments
Facebook Comments