From Staff Reports
LANSING — A total of $17.8 million in Low-Income Housing Tax Credits was awarded Friday to 17 projects in the state, according to a release from the Michigan State Housing Development Authority.
Included in the 17 projects were two in Traverse City and another in Manistee. The LIHTC awards will leverage “build or rehabilitate 950 affordable housing units,” according to the release.
“By investing in affordable housing we’re doing more than just putting a roof over a family’s head, we’re building stronger communities,” MSHDA Board Chair and Department of Labor and Economic Opportunity Director Jeff Donofrio said in the release. “These new projects will create an estimated 3,520 jobs and leverage $220 million in private investments in communities across Michigan.”
“MSHDA’s partnership with private developers is a win-win for the state,” MSHDA acting executive director Gary Heidel said in the release.
Included in the LIHTC awards were Riverview Terrace and Ruth Park in Traverse City.
The LIHTC award for Riverview Terrace was for $677,281 to rehabilitate 57 apartments. The release listed the Traverse City Housing Commission, Cove Investments, LLC and Ethos Development Partners, LLC as the developers.
Ruth Park, which multiple reports say will be on Wellington Street, received an LIHTC award of $1,214,653 for The Woda Group to develop 58 new apartments.
Century Terrace & Harborview Apartments in Manistee received an LIHTC award of $1,474,000 to rehab 167 apartments. Listed developers are the City of Manistee Housing Commission and the Commonwealth Development Corporation of America.
Of the 17 projects, 13 are new construction and four are existing properties. The release said the projects will bring 621 “new, affordable apartments online” and rehab another 350 units.
LIHTC federal tax credits involve a competitive application process administered by MSHDA. According to the release, “developers can draw from their tax credit amount annually for 10 years, keeping housing affordable over the long term and sustaining major investments ...”
A complete list of the LIHTC awards can be found at https://tinyurl.com/LIHTCawards.