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MSHDA Board Approves Funding for Housing Across Michigan
September 24, 2024
September 23, 2024
Media Contacts:
- Katie Bach, BachK@michigan.gov
- Anna Vicari, VicariA@michigan.gov
MSHDA Board Approves Funding for Housing Across Michigan
Lansing, Mich. – At its September meeting, the Michigan State Housing Development Authority (MSHDA) Board approved funding for six affordable housing developments, which will create or preserve housing across the state from Detroit to Bellaire.
The Board approved the first loan using the Residential Tax Increment Financing (TIF) program in the amount of $6.8 million, providing 146 units of workforce housing in Bellaire, Antrim County. The Residential TIF program, which was announced last year, will help transform underutilized properties into quality, affordable housing.
“The Board’s action this month is a reflection of the steady progress we’re making to increase housing supply in urban and rural communities,” said Amy Hovey, CEO and Executive Director at MSHDA. “With over 300 housing units created or preserved this month alone, we’re working harder than ever to improve Michigan’s housing ecosystem.”
Two housing developments in the City of Detroit were approved for funding by the Board. Linwood Apartments, a 40-unit development with four accessible units, received over $12 million to extensively renovate the currently vacant building. All units will have Project-Based Vouchers. Russel Woods Senior Living Community which is comprised of 77 units with nine accessible units, received $22.5 million in funding through 4% and 9% Low-Income Housing Tax Credits (LIHTC) and other MSHDA funding to enhance accessibility features.
The Board approved $16.6 million in MSHDA funding for the construction of 1309 Madison Apartments in Grand Rapids, which will have 45 new construction units, with three accessible units. This development will have two buildings with one-and-two-bedroom apartments available to families between 30% and 80% of area median income (AMI). Mystic View Apartments in Allegan County, which has 40 units with two accessible units, was approved for $9.1 million for renovations and site work.
Also approved by the board was $11.3 million in funding for the construction of Royal Oak Cottages in Oakland County, which will have 28 single-family homes with 5 accessible homes. Once constructed, all units will be available to families at or below 30%-60% AMI and 15 of the units will receive Project-Based Vouchers.
The MSHDA Board approved issuance and sale of 2024 Series D, E and F bonds to fund single-family mortgages and down payment assistance.
A loan modification for Lockwood of Lyon, a 130-unit senior living community in Oakland County, which will assist with operating expenses and marketing of unleased units was also approved.
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About MSHDA
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.