July 09, 2004
July 9, 2004
Governor Jennifer M. Granholm today announced more than $2.7 million in Community Development Block Grant funding to help create 77 housing units in nine Michigan downtowns and central business districts. The grants are being made available through a partnership between the Michigan Economic Development Corporation (MEDC) and the Michigan State Housing Development Authority (MSHDA).
“Housing is a vital component of successful downtown economic revitalization,” Granholm said. “Providing attractive housing choices will bring more residents to the heart of these communities, driving economic development and helping small businesses thrive.”
A total of ten grants were awarded to the following nine communities and counties: Alma, Buchanan, Cheboygan County, Jonesville, Lapeer, Manistee, Norway, St. Johns and Shiawassee County. The grant applications were reviewed jointly by MEDC and MSHDA staff.
“Working with MSHDA on these projects makes good sense,” said MEDC President and CEO Don Jakeway. “By applying our resources to common goals, we can make the best use out of the funding available to create jobs and investment in the heart of these communities.”
Funding decisions were based primarily upon the project’s impact on the overall revitalization efforts of the community and the demonstrated commitment of the community to downtown redevelopment. The grants require 25 percent in matching funds and must meet CDBG eligibility requirements. Detailed information on the grants is attached.
“This is just one more example of government agencies working together for the benefit of Michigan residents,” said MSHDA Acting Executive Director Rick Laber. “Improving housing will encourage job opportunities, stimulate the economy, and excite the pride people feel for their communities.”
The MEDC administers the state’s Community Development Block program with funds received from the U.S. Department of Housing and Urban Development. These funds are used to provide grants to eligible counties, cities, villages and townships—typically those with populations less than 50,000—for economic development, community development and housing projects.
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life. For more information on MEDC initiatives and programs, visit the Web site at www.michigan.org.
MSHDA is a quasi-state agency that provides financial and technical assistance through public and private partnerships to create and preserve decent, affordable housing for low- and moderate-income Michigan residents. Loans and operating expenses are financed through the sale of tax-exempt bonds and taxable bonds and notes to private investors, not from state tax revenues.
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