This century-old school building is being redeveloped as affordable housing in downtown Owosso

What’s happening: The adaptive reuse of a century-old school building in Owosso has been awarded Low-Income Housing Tax Credits (LIHTCs), lead developer Venture, Inc. has announced. The Riverview Flats project will move forward with plans to redevelop the historic building as an affordable housing development in the heart of downtown Owosso and on the banks of the Shiawassee River.

What it is: The federal LIHTC program makes tax credits available to residential developments that include affordable housing as part of their plans, with the Michigan State Housing Development Authority (MSHDA) managing and awarding LIHTCs here in Michigan. Developers often rely on LIHTCs to help bring affordable housing projects to fruition, with traditional financing often difficult to secure for residential developments with affordable housing rates.

Why it’s important: “I want to personally congratulate Venture, Inc. on this award,” says Owosso Mayor Robert J. Teich Jr. “Due to Venture’s continued commitment to the community, more affordable housing options will be available for the residents of Owosso and to those who want to make Owosso their new home.”

Who’s behind it: The lead developer of Riverview Flats is Venture, Inc., which itself is the housing subsidiary of the Oakland Livingston Human Service Agency (OLHSA) non-profit organization. Venture, Inc. identifies Capital Area Community Services, Cove Investments, Owosso Public Schools, the City of Owosso, Shiawassee Council on Aging, and Shiawassee Economic Development Partnership as key partners in the project.

What they’re saying: “We are honored to receive this LIHTC award from MSHDA for the Riverview Flats project,” says Brad Michaud, President of Venture, Inc. “This development is a testament to our commitment of providing affordable housing solutions and creating local jobs with the dedicated partnership of all involved stakeholders.”

The future home of Riverview Flats is located at 219 N. Water St. in downtown Owosso.

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