Last Friday, Michigan Governor?Gretchen Whitmer announced funding to build or improve nearly 700 affordable housing units across 17 projects from Cheboygan to Detroit.
Overall, the total development costs of projects funded is anticipated to be around $176.6 million and will create over 60 permanent jobs and over 1,100 temporary jobs.
“As rents and home prices go up across the state, it’s clear that quality, affordable housing is out of reach for far too many Michiganders,” said Whitmer. “We must build more housing, which is what makes this program so important. It’s also why I signed the bipartisan Building Michigan Together Plan last year, which included the ambitious goal of building or rehabilitating 75,000 housing units within the next five years. These are the types of steps we need to take to make sure every Michigander has a safe, affordable place to call home.”
Developers that receive a portion of the $14 million in federal Low-Income Housing Tax Credits (LIHTC) administered by the Michigan State Housing Development Authority (MSHDA) can claim credits against their tax liability annually for up to 10 years – an important initiative that helps incentivize investments in affordable housing in local communities across the state. This current round of funding will enable the creation or preservation of 683 total rental units.
“We know that creating affordable housing benefits everyone in the state by stimulating local economic growth, but it also creates opportunities for Michiganders to have equitable access to safe, quality, affordable housing for their families, making for stable and secure living and upward mobility,” said?Chad Benson, MSHDA rental development director.?
Local development projects receiving awards include:
• Unity Park Rentals VI, Pontiac, Community Housing Network Inc., $564,538, 15 units
• 60 Harper Apartments, Detroit, MHT Housing, Inc. & St. Aloysius Parish Detroit, $1,318,395, 49 units
• Bagley Townhomes & 10th Street Flats, Detroit, American Community Developers Inc., $1,500,000, 44 units
• PVM 9% Westland, Westland, Presbyterian Villages of Michigan, $1,162,384, 47 units.
- Posted January 16, 2023
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Whitmer announces awards to build or improve nearly 700 affordable housing units across Michigan
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