It's always nice when hard work and dedication to a project are recognized for the impact that is truly taking place.
Take, for example, Sault Ste. Marie's
Park Place City Center development, owned by G.A. Haan. The center recently was named as an honorable mention recipient of the Development of Distinction Award by Novogradac Journal of Tax Credits. The award was given in the financial innovation category.
According to G.A. Haan Development, the award recognizes excellence and honors outstanding achievement in the development of projects using low-income housing tax credits and/or section 1602 funds. Nationwide, only two developments are chosen to receive the award annually.
Park Place City Center, located at the corner of Spruce and Ashmun streets in downtown Sault Ste. Marie, is a mixed use development that consists of 24 units. The development has helped bring tenants downtown as well as offering retail and commercial space.
"Park Place City Center was, quite possibly, the most diverse Section 1602 development in the entire state of Michigan," indicated G.A. Haan in a press release. "Sources included Section 1602 Exchange Funds, state historic tax credits, 'enhanced' state historic tax credits, federal historic tax credits, Brownfield/Michigan Business Tax Credits, and a general partner contribution for the repurchase of commercial space. The project also secured six project-based Section 8 vouchers through MSHDA’s Supportive Housing division. Even with this diverse basket of funding sources Park Place was the first Section 1602 project to close in the state of Michigan--a testament to the capabilities of the development team."
Writer: Sam Eggleston
Source: Kathy Schorfhaar, G.A. Haan Development
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