Gov. Whitmer Puts Michigan Families First by Awarding Funding to Help Construct 690 New Housing Units Across Michigan
The new affordable housing development projects will lower the costs for families and put more money back in their pockets.
LANSING, Mich. - Governor Gretchen Whitmer and the Michigan State Housing Development Authority (MSHDA) today awarded more than $13 million in Low-Income Housing Tax Credits (LIHTC) which will be used to build new affordable multifamily rental housing or to rehabilitate existing properties, putting Michigan first. This funding round will support the construction or renovation of 14 properties and 690 affordable housing units in rural and urban communities across the state.
"Investments in housing help us put Michiganders first and are critical to furthering our economic momentum," said Governor Gretchen Whitmer. "When families have a place to call home, it leads to upward mobility, a higher quality of life, and thriving communities. This program helps us lower costs for working families by providing housing stability and opportunity. These awards will help us get a jump on my ambitious MI New Economy plan goal of creating 75,000 new or rehabilitated housing units within the next five years.”
LIHTC are federal tax credits administered through MSHDA following a competitive application process. Developers who receive LIHTC awards can claim credits against their tax liability annually for up to 10 years, incentivizing investments in affordable housing in local communities.
"Not only will these 14 projects provide greater access to affordable housing for Michigan families, but they will also stimulate local economic growth and bring us even closer to the goal of providing every Michigander with access to safe, quality, affordable housing," said Chad Benson, MSHDA rental development director.
"Investments in housing help us put Michiganders first and are critical to furthering our economic momentum," said Governor Gretchen Whitmer. "When families have a place to call home, it leads to upward mobility, a higher quality of life, and thriving communities. This program helps us lower costs for working families by providing housing stability and opportunity. These awards will help us get a jump on my ambitious MI New Economy plan goal of creating 75,000 new or rehabilitated housing units within the next five years.”
LIHTC are federal tax credits administered through MSHDA following a competitive application process. Developers who receive LIHTC awards can claim credits against their tax liability annually for up to 10 years, incentivizing investments in affordable housing in local communities.
"Not only will these 14 projects provide greater access to affordable housing for Michigan families, but they will also stimulate local economic growth and bring us even closer to the goal of providing every Michigander with access to safe, quality, affordable housing," said Chad Benson, MSHDA rental development director.
Are you looking for a shipping solution? Maybe you need to change freight carriers? Find out what the hard working and reliable people at Team Worldwide can do over land, sea and air
