Affordable housing projects in communities across the state are receiving a significant financial boost by way of federal Low-Income Housing Tax Credits (LIHTC) as administered by the Michigan State Housing Development Authority (MSHDA), Governor Gretchen Whitmer announced late last week. Nearly 700 units, including both renovations and new builds, have been accepted into the program.
Several rural communities will see the benefits of this latest announcement. They include a 36-unit development in Garfield Township from the Grand Traverse Band of Ottawa and Chippewa Indians & RTHawk; the 24-unit Mainville development in Stanton; the 48-unit Old Mill Race development in Coldwater; the 38-unit Rivertown Housing development in Cheboygan; the 53-unit Samaritas Affordable Living development in Spring Lake; the 48-unit Whispering Pines development in Pinconning; and the 32-unit Woodbrook Apartments in Three Rivers.
By the numbers:
In total, $14 million in LIHTC funding has been awarded to 17 affordable housing projects across Michigan, creating or preserving 683 total residential units. The state anticipates that the projects will create more than 60 permanent jobs, more than 1,100 temporary jobs, and represent approximately $176.6 in developments.
The announcement fits into Gov. Whitmer’s Building Michigan Together plan
, which launched in 2022. The plan aims to build and renovate 75,000 housing units across the state in five years.
Why it’s important:
“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,” says Chad Benson, MSHDA rental development director.
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