$55 million in federal funding for underserved Michigan communities

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LANSING, Mich (WLNS) – Michigan will receive $55 million in federal funding for more affordable housing.

“The $55 million awarded to Michigan Community Capital will help fuel Michigan’s economic momentum and create upward mobility for residents and business opportunities for underserved communities in Michigan,” said Jeff Mason, CEO of the Michigan Economic Development Corporation.

Michigan was one of 73 award recipients for a requested total of $14.8 billion in tax credit allocation authority from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund.

Michigan Community Capital, one of three Michigan entities to receive an award in the 2018 round, will use the $55 million program award to invest in attainable housing projects in communities statewide including $7.8MM project in Grand Rapids.

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