Eight developments have been selected to receive $9.6 million inlow-income housing tax credits (LIHTCs) from the Michigan State Housing Development Authority (MSHDA).
"These tax credits will leverage millions of dollars in investment necessary to develop thriving and vibrant communities around the state, creating jobs and providing affordable housing," said MSHDA Executive Director Gary Heidel in a statement. "In this time of economic challenge, we must do all that we can to stimulate the economy and help Michigan citizens who are struggling."
The developments, which will provide 662 affordable units, will also help bolster the state's economy by creating approximately 1,600 jobs in construction and related trades.
Projects funded from the November 2011 LIHTC funding round are:
|Silver Star Phase II||100||Battle Creek||$1.5 million|
|New Village Park||152||Kalamazoo||$1.5 million|
|Century Lofts Phase I||43||Grand Rapids||$1.4 million|
|Century Lofts Phase II||44||Grand Rapids||$1.4 million|
|Bella Vista Glen||138||Highland Park||$976,007|
|Lincoln Park Lofts||38||Lincoln Park||$1.2 million|
For more information, visit www.michigan.gov/mshda.