LANSING, Mich. — The Michigan State Housing Development Authority announced on Thursday its largest award in recent history of more than $27.9 million in low-income housing tax credits (LIHTC).
It’ll be used to construct new affordable, multifamily rental housing and to rehabilitate existing properties for low- to moderate-income Michigan residents, according to a news release.
The latest 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 more than 1,000 new affordable apartments.
Five existing projects also will see rehabilitation and renovation in about 470 units.
“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 home and have a launching pad to pursue their potential.”
LIHTC are federal tax credits administered through the Michigan State Housing Development Authority after a competitive application process.
Developers who are recipients of LIHTC 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.
Nine West Michigan properties will receive the tax credits.
The full list of properties throughout the state is 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
AFG Miller Grove Center, Detroit
Developer: Full Circle Communities, Southwest Counseling Solutions, and Alternatives For Girls
LIHTC award: $1,450,000
Units: 45 new apartments
Avenue II Apartments, Grand Rapids
Developer: LINC UP
LIHTC award: $346,583
Units: 20 rehab and new apartments
Bronson Senior Apartments and Meadowview Senior Apartments, Bronson & Coldwater
Developer: Renovo Development Group LLC and Cove Investments LLC
LIHTC award: $262,847
Units: 40 rehab apartments
Brush Park Apartments, Detroit
Developer: MHT Housing Inc.
LIHTC award: $1,070,000
Units: 53 new apartments
Coldwater Senior Villas, Coldwater
Developer: MVAH Holding LLC and St. Mary Development Corporation
LIHTC award: $964,590
Units: 48 new apartments
Dunn Family Senior Co-Op Apartments, Center Line
Developer: CSI Support and Development
LIHTC award: $1,500,000
Units: 157 rehab and new apartment
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
Garfield Landing, Sault Ste. Marie
Developer: Community Housing Network Inc, CCCF Developer LLC, and The Sault Ste. Marie Tribe of Chippewa Indians
LIHTC award: $1,017,317
Units: 36 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
Henry Street Redevelopment, Detroit
Developer: Olympia Development of Michigan and Cinnaire Solutions Corporation
LIHTC award: $1,146,923
Units: 40 rehab and new 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
Meyers Senior Apartments, Detroit
Developer: Wallick-Hendy Development Company and Presbyterian Villages of Michigan
LIHTC award: $700,000
Units: 32 new apartments
MLK on 2nd, Detroit
Developer: MHT Housing, Inc and Nassar Companies LLC
LIHTC award: $671,000
Units: 33 new apartments
Nisbett Fairman Residences, Big Rapids
Developer: Hollander Development Corporation and Big Rapids Housing Commission
LIHTC award: $371,362
Units: 47 rehab apartments
Raymond E. Shepherd House, Ferndale
Developer: Full Circle Communities
LIHTC award: $1,499,900
Units: 53 new apartments
Royal Coach Apartments, Hastings
Developer: General Capital and Gun Lake Investments
LIHTC award: $1,478,500
Units: 73 new apartments
Stadium North Lofts, Lansing
Developer: MVAH Holding LLC and Lansing Housing Commission
LIHTC award: $1,446,880
Units: 66 new apartments
Stadium North Senior Lofts, Lansing
Developer: MVAH Holding LLC and Lansing Housing Commission
LIHTC award: $1,418,840
Units: 66 new apartments
The Preserve on Ash I, Detroit
Developer: The Communities Builders, Inc.
LIHTC award: $1,500,000
Units: 69 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
Victories Square LIHTC Building 4, Petoskey
Developer: The Shops at Victories Center LLC
LIHTC award: $1,303,526
Units: 50 new apartments
Woodward Ave Apartments, Detroit
Developer: MHT Housing Inc and Mooney Real Estate Holdings
LIHTC award: $911,222
Units: 26 new apartments
