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Thursday, 16 July 2015 14:43

West Michigan housing projects secure Low-Income Housing Tax Credits

Written by  MiBiz Staff
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West Michigan recently racked up almost $3.9 million in tax credits to build or upgrade affordable housing options in the region.

According to a statement released by the Michigan State Housing Development Authority, the cities of Muskegon Heights, Portland and Grand Rapids have all been awarded federal Low Income Housing Tax Credits (LIHTC) for a variety of projects.

In total, the state received $14 million for 20 different projects in 14 counties. The tax credits are a federal program and administered by MSHDA.

The projects receiving the credits included:

  • Grand Rapids-based nonprofit developer Dwelling Place will convert Theodore Roosevelt Elementary School in Muskegon Heights into 50 affordable apartments, with half of the units going to homeless or special needs people. Dwelling Place received $1,097,958 in LIHTC credits.

  • Dwelling Place also received $731,900 in LIHTC funds for 49 apartment units and commercial spaces in downtown Grand Rapids’ Heartside neighborhood. The five properties being redeveloped are Lenox Apartments, Chaffee Apartments, Liz’s House, Calumet Flats and commercial space at 344 Commerce Avenue. The Commerce Avenue building will be transformed into six affordable one-bedroom apartments. The six commercial and retail spaces will be in the Chaffee, Lenox and Liz’s House buildings. Thirteen units are reserved for families who have been victims of domestic violence or have special needs.

  • Waterville, Ohio-based The Woda Group Inc. plans to use more than $1.2 million in LIHTC funds to build a 64-unit, four-story apartment building and four townhomes, dubbed Grand View Place, on Grand Rapids’ north side. Woda is budgeting $25,000 to make aesthetic and lighting improvements to the pedestrian tunnel that provides passage under US-131, near the property.

  • The Woda Group also 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.
Read 1696 times Last modified on Tuesday, 21 July 2015 09:53

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