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October 02, 2023
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MSHDA Board approves Housing TIF program to create and preserve affordable housing
Lansing, Mich. – At its September meeting, the Michigan State Housing Development Authority (MSHDA) Board approved the Housing Tax Increment Financing (TIF) program and Pilot Housing TIF Gap Lending program to create and preserve housing statewide. The board also approved a new affordable housing project in Macomb County.
The Housing Tax Increment Financing (TIF) program was created under an amendment to the 1996 Brownfield Redevelopment Financing Act, which encourages the redevelopment and transformation of blighted and dilapidated properties. The TIF program allows tax revenues captured through local brownfield redevelopment authorities to fund affordable housing costs. This program gives MSHDA oversight of work plans or combined brownfield plans if the development includes housing to be rented or sold below market rate or subsidized. As MSHDA works to address the housing crisis statewide, the TIF program will help brownfield redevelopment authorities and developers to increase attainable and affordable housing on a local scale.
“The Tax Increment Financing program will transform underutilized properties into quality, affordable housing, help spearhead economic activity, aid in environmental protection and much more,” said MSHDA Executive Director Amy Hovey. “With the support of the legislature, the Whitmer administration and now the MSHDA board, we can deploy this valuable resource across the state, creating more places of opportunity for Michiganders.”
The Board also approved the Pilot Housing TIF Gap Lending program, which will allow MSHDA to provide funding to developers via construction loans and permanent tax reimbursement loans. Any project utilizing this program will be subject to income restrictions not exceeding 120% area median income (AMI).
In other action, funding was approved for Deaconess Tower, a 150-unit senior development in Southgate. The development will undergo a comprehensive rehabilitation and all units will be reserved for tenants at 60% AMI. 10% of the units will be targeted to residents at 40% AMI.
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