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MSHDA Board Approves Funding for Affordable Housing Developments in Detroit, Ovid Township
December 18, 2023
MSHDA Board Approves Funding for Affordable Housing Developments
in Detroit, Ovid Township
LANSING, Mich. – The Michigan State Housing Development Authority (MSHDA) Board approved funding for developments that will expand affordable housing in Detroit and Ovid Township during its December meeting.
“We want every Michigander to have access to the housing they need in a community of their choice and are moving quickly to get there. Each new construction or rehabilitation project our board approves is crucial to advancing that goal,” said MSHDA Executive Director Amy Hovey.
The Board approved an $11.8 million tax-exempt bond construction loan and a $4 million permanent mortgage loan for The Hive on Russell, a proposed 78-unit affordable housing development in Detroit’s Eastern Market area. Each unit, including 39 studio apartments, 33 one-bedroom apartments and six two-bedroom apartments, will be rent-restricted by the Low-Income Housing Tax Credit (LIHTC) program to allow greater accessibility for low and extremely low-income residents.
Additionally, the Board approved a $1.4 million tax-exempt bond construction loan and $236,000 permanent mortgage loan for Carriage Towne Place, a 24-unit development in Ovid Township. The Clinton County project will see all units undergo rehabilitation to provide residents aged 55 and older with affordable and updated housing. Each unit will include fully equipped kitchens, air conditioning, walk-in closets, patios and more.
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.