6 Metro Detroit projects earn share of low-income housing tax credits
Six projects in Metro Detroit are among those across the state receiving some of more than $11.7 million in low-income housing tax credits, Michigan State Housing Development Authority officials announced Monday.
The state authority administers the federal tax credits after a competitive application process and heads two funding rounds yearly.
“In the latest round of funding, 1,077 units of affordable rental housing are planned to be built or rehabilitated for low- to moderate-income individuals and families,” the statement said.
The 18 projects in Michigan that earned the low-income housing tax credit awards in this funding round included:
■28 West Grand River, Detroit, developer: 28 Grand River Developer LLC; award: $1.4 million
■Central Towers Apartments, Detroit; developer: American Community Developers Inc.; award: $1.3 million
■Jefferson Oaks, Oak Park, developer: Community Housing Network Inc., award: $1.5 million
■Mack Ashland II, Detroit; developer: Southwest Housing Solutions Corp.; award: $717,043
■Restoration Towers, Detroit; developer: Community Outreach Services Corp.; award: $772,784
■Unity Park Rentals II, Pontiac; developer: Community Housing Network Inc.; award: $280,592
“These tax credits are essential for providing the incentive developers need to renovate and construct quality, affordable housing which is in high demand for Michigan families, seniors and special needs populations,” Kevin Elsenheimer, executive director at the authority, said in a statement.
MSHDA officials estimate the latest round of tax credits could leverage about $113 million in private investment for the state. Nearly 1,250 new jobs could also be generated, according to projections from the National Association of Home Builders.