New program awards $18M to build or rehabilitate 950 affordable housing units

Michigan

LANSING, Mich. (WLNS) –The Michigan State Housing Development Authority (MSHDA) is awarding $17.8 million in Low-Income Housing Tax Credits (LIHTC) to create or rehabilitate rental properties in urban and rural areas of the state.

The 17 Low-Income Housing Tax Credits (LIHTC)-backed projects will provide more than 950 affordable housing units in urban and rural communities.

“By investing in affordable housing we’re doing more than just putting a roof over a family’s head, we’re building stronger communities. These new projects will create an estimated 3,520 jobs and leverage $220 million in private investments in communities across Michigan,” said Jeff Donofrio, MSHDA Board chair and director of the Dept. of Labor and Economic Opportunity.

Of the 17 total projects, 13 are new construction, which will bring 621 much needed, new, affordable apartments online. Four existing properties will see 350 apartment units rehabbed.

 
LIHTC are federal tax credits administered by MSHDA through a competitive application process. Developers can draw from their tax credit amount annually for 10 years, keeping housing affordable over the long term and sustaining major investments in local communities.

The Grand on University, Flint

Developer: Communities First, Inc. & RAD Conversion Specialists, LLC

LIHTC award: $1,316,433

Units: 48 new apartments

Edison Crossing, Mt. Clemens

Developer: The Woda Group, Inc.

LIHTC award: $809,680

Units: 30 new apartments

Brush, Detroit

Developer: American Community Developers, Inc.

LIHTC award: $1,500,000

Units: 64 new apartments

Reverend Dr. Jim Holley Residences, Detroit

Developer: MHT Housing, Inc. & The Historic Little Rock Baptist Church

LIHTC award: $1,031,459

Units: 30 new apartments

Riverview Terrace, Traverse City

Developer: Traverse City Housing Commission, Cove Investments, LLC; and Ethos Development Partners, LLC

LIHTC award: $677,281

Units: 57 rehab apartments

Century Terrace & Harborview Apartments, Manistee

Developer: Commonwealth Development Corporation of America & City of Manistee Housing 

Commission

LIHTC award: $1,474,000

Units: 167 rehab apartments

Wellspring, Farmington Hills

Developer: Southwest Housing Solutions Corporation

LIHTC award: $1,317,516

Units: 81 new apartments

Midtown Square Apartments, Detroit

Developer: John Stanley Inc. & Develop Detroit, Inc.

LIHTC award: $1,229,873

Units: 73 rehab apartments

Shelby Trails, Shelby

Developer: Oceana County Housing Commission NP Corp

LIHTC award: $450,815

Units: 15 new apartments

Bingham Apartments, Alpena

Developer: Hope Network Housing Development Corp & Cove Investments, LLC

LIHTC award: $702,257

Units: 35 new apartments

Belknap Place, Grand Rapids

Developer: PK Companies, LLC & Third Coast Development, LLC

LIHTC award: $906,067

Units: 50 new apartments

Samaritas Affordable Living Muskegon, Muskegon

Developer: Samaritas & Communities of Hope, Inc.

LIHTC award: $1,020,000

Units: 53 new apartments

Woodward Way, Meridian Township (East Lansing area)

Developer: The Woda Group, Inc.

LIHTC award: $985,220

Units: 49 new apartments

Ruth Park, Traverse City

Developer: The Woda Group, Inc.

LIHTC award: $1,214,653

Units: 58 new apartments

Friendship Meadows II, Detroit

Developer: Communities of Hope, Inc & SPM Property Group, LLC

LIHTC award: $476,964

Units: 53 rehab apartments

Left Field, Detroit

Developer: American Community Developers, Inc.

LIHTC award: $1,207,610

Units: 60 new apartments

Clark Commons II, Flint
Developer:Norstar Development USA, LP & Flint Housing Commission

LIHTC award: $1,499,798
Units: 48 new apartments

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