New round of housing tax credits improves, grows supply of affordable housing

Media Contact: Misty Elliott
517-335-9847 | ElliottM7@michigan.gov

July 24, 2018

LANSING, Mich. – Michigan will soon see a boost in affordable housing for working families and seniors with help from a new round of federal tax credits to fund major renovation and construction projects. The Michigan State Housing Development Authority is awarding 14 developments with more than $13.5 million in Low-Income Housing Tax Credits (LIHTC), Executive Director Earl Poleski announced today.

“Housing tax credits are a critical resource for developers to leverage when planning to rehabilitate or build new, good quality affordable rental housing in Michigan,” Poleski said. “Without this incentive, we simply would not be able to meet the state’s housing infrastructure demands for those who need it the most.”

These projects will yield 868 units of rental housing for low- to moderate-income individuals and families throughout Michigan.

“Overall, we estimate that this round of awards will leverage more than $120 million in private investment for Michigan,” Poleski said.
 
LIHTC are federal tax credits administered by MSHDA through a competitive application process. The Authority holds two funding rounds per year, in October and April, each for roughly half of the available $23 million credit. Developers can draw from their tax credit amount annually for 10 years, keeping housing affordable over the long term and sustaining major investments in local communities.

The 14 projects that earned LIHTC awards in this funding round are: (click map for larger view)

LIHTCMap-April2018-Thumb
Hickory Way Apartments, Ann Arbor
Developer(s): Avalon Nonprofit Housing Corp
LIHTC award: $930,000

The Lofts at Milnes Plaza, Coldwater
Developer(s): Spire Development
LIHTC award: $990,017

Friendship Meadows Apartments, Detroit
Developer(s): SB Friendship LLC
LIHTC award: $1,044,122

Samaritas Affordable Living, Grand Rapids
Developer(s): Grand Rapids Samaritas
LIHTC award: $1,328,438

Albert Kahn Apartments, Jackson
Developer(s): General Capital Development
LIHTC award: $1,497,207

Summit Park Apartments, Kalamazoo Developer(s): Full Circle Communities, Inc.
LIHTC award: $449,090

Bridgeview Senior Apartments, Eaton Rapids
Developer(s): HOME Renewal Systems
LIHTC award: $896,649

Berkley Place Apartments, Flint
Developer(s): Communities First, Inc.
LIHTC award: $701,985

Cottages at Griswold Senior Living, Hart
Developer(s): Oceana County Housing Commission NP Corp
LIHTC award: $283,681

Prestwick Village II Apartments, Holt
Developer(s): Gryphon Group
LIHTC award: $477,596

Coogan Terrace, Melvindale
Developer(s): Melvindale Housing Commission
LIHTC award: $1,476,950

Coolidge Place, Oak Park
Developer(s): Southwest Housing Solutions
LIHTC award: $1,361,400

The Hamilton, Pontiac
Developer(s): The Woda Group, Inc.
LIHTC award: $840,500

Osborn Commons, Sault Ste. Marie
Developer(s): The Woda Group, Inc.
LIHTC award: $1,293,456