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Friday, 10 July 2015 12:46

Woda Group to leverage tax credits to redevelop Portland school for low-income housing

Written by  MiBiz Staff
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Waterville, Ohio-based The Woda Group Inc. plans to turn a former school building into low-income housing in Ionia County.

The developer is using $543,980 in Low Income Housing Tax Credits (LIHTC) from the Michigan State Housing Development Authority (MSHDA) to turn the former Old School Manor in Portland into affordable housing, according to a statement.

The development will consist of 29 apartments — a mixture of one-, two- and three-bedroom units — and a community center.

“The LIHTC Program is a public-private partnership that allows developers to renovate and construct quality, affordable housing for low-income families,” MSHDA Executive Director Kevin Elsenheimer said in a statement. “This program is essential to meeting the affordable housing needs of families, seniors and special needs populations in Michigan.”

LIHTC is a federal program administered at the local level by MSHDA. In the recent round of grants, Michigan received $14 million in tax credit awards that will go toward the development of 20 projects in 14 counties.

Read 1039 times Last modified on Tuesday, 21 July 2015 10:09

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