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MSHDA approves two affordable housing projects at June meeting
June 23, 2023
MSHDA Board approves two affordable housing projects at June meeting
Lansing, Mich. – At its June meeting, the Michigan State Housing Development Authority (MSHDA) Board approved its budget for the 2023-24 fiscal year, alongside loans for the acquisition and/or rehabilitation of two developments in the state.
“The funding of these affordable housing projects will support Michiganders by providing accessible, attainable housing and, in turn, increased stability and security statewide,” said Amy Hovey, executive director at MSHDA. “By revitalizing existing units and creating new opportunities, we are not only providing quality homes but also investing in the well-being and prosperity of our communities. These projects, and many more, take us one step closer to building a stronger, more inclusive future for all.”
Beacon Hill, a $35.7 million development in Hillsdale, was approved for a loan totaling $18.2 million to acquire and rehabilitate 198 family and senior units on two sites: Beacon Hill, with 78 family units, and Hillsdale Place, with 120 senior units. Substantial interior and exterior improvements will be made to all units. With these renovations, the development will meet ADA accessibility requirements and 10 units will be fully ADA compliant.
The Board also approved a $1.6 million loan to preserve and refurbish 43 affordable housing units and four market-rate units at the Nisbett Fairman Residences in Big Rapids. Refurbishment and preservation efforts will include roof replacements and replacing unit appliances. The Nisbett and Fairman buildings, both constructed in the 1880s, were placed on the National Register of Historic Places in the 1980s.
Executive Director Hovey also updated the Board on the recently passed Tax Increment Financing (TIF) legislation, which would amend the Brownfield Redevelopment Financing Act to allow tax revenues captured from a brownfield property to be used for certain housing development projects with approval from MSHDA. The bill is currently awaiting Senate concurrence and Governor Gretchen Whitmer’s signature.
The Michigan State Housing Development Authority (MSHDA), established in 1966, provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in community economic development activities, develop vibrant cities, towns and villages, and address homeless issues.