The Michigan State Housing Development Authority announced this week that two West Michigan projects secured funding via the Low Income Housing Tax Credits (LIHTC) program.
The latest round awarded more than $13.8 million in LIHTC funding statewide to build or rehabilitate 14 developments to companies that applied in the April funding round. Both Antoine Court in Grand Rapids and Harrison Circle in Kalamazoo received funding, according to MSHDA.
In total, West Michigan developments obtained more than $2.4 million in financing in this round.
“These tax credits are a limited resource, and there is always greater demand than what we have available to allocate,” said Gary Heidel, acting executive director of MSHDA, in a statement. “MSHDA is developing new ways to strategically leverage our existing resources to update and develop a large number of affordable rental housing and improve efficiencies across the board.”
The developers of Antoine Court, which received more than $1.3 million in LIHTC, plan for a 50-unit development at 841 S. Division Ave., just south of Franklin Street, in Grand Rapids.
Grand Rapids-based Mount Mercy Housing Corp. and the Grand Rapids Housing Commission are collaborating to develop the project.
Securing LIHTC marks a first step in financing Antoine Court, Carlos Sanchez, executive director of Grand Rapids Housing Commission, said in an email to MiBiz.
Meanwhile, developers of Harrison Circle — Nickel Splitters LLC and NOMI II LLC — were awarded more than $1.1 million for their 80-unit project at 615 Harrison St. in Kalamazoo, where they hope to break ground in October.
MSHDA previously had denied LIHTC funding for both of the West Michigan-based projects.
Six projects in Detroit were awarded LIHTC, as well as two in Lansing. Developments in Petoskey, Eastpointe, Manistee and Pontiac made up the others.
In the current round of funding announced this week, MSHDA denied LIHTC applications for several West Michigan projects, including, in Grand Rapids, Adams Park Apartments, Grand Monroe, Eastern Lofts, Belknap Place, Madison Lofts and Hope Community; Ten21 Apartments in Muskegon; Ebbitt’s Crossing in Kalamazoo; and Samaritas Affordable Living Holland.
In the previous funding round MSHDA announced in December, nine projects in West Michigan received credits, totalling more than $7.9 million and 419 units, as MiBiz previously reported. At the time, the state also denied credits to 10 local projects including 675 units.