The City of Leslie is using a $256,000 Michigan State Housing Development Authority (MSHDA) grant to redevelop six or seven buildings in historic downtown Leslie.
“We have several buildings that are just unlivable on the second or third stories,” says Brian Reed, Leslie city manager. The funds will help building owners turn these unusable spaces into apartments and convert the commercial buildings into mixed use spaces.
“It’s very important for the building owners because they receive these incentives and that helps them with the cost of rehabbing these buildings, which are otherwise very cost prohibitive,” Reed says. “It helps them maximize the revenue of their buildings.”
It also frees up space for those who want to live in a downtown setting.
“This improves the value of the buildings and the entire downtown,” he says. “Property values all around will be impacted.”
The city is reviewing which developments will receive the funds. The grant must be used within a two-year period.
Source: Brian Reed, City of Leslie
Ivy Hughes is the managing editor of Capital Gains and can be reached here.
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