The much anticipated rehabilitation of the Four Flags Plaza Apartment complex near downtown Niles picked up a considerable boost in the latest round of Low Income Housing Tax Credits announced today by Congressman Fred Upton. In fact, the project will get more than one-and-a-quarter-million dollars in credits to help effect those critical changes.
Upton says the Four Flags Plaza will get $1,259,068 in low income housing tax credits, sharing in the latest round with other facilities in Portage and Kalamazoo.
The 6th District Congressman says, “These new Low Income Housing Tax Credits will directly help our communities rehabilitate and build more affordable housing for Southwest Michigan families.” He adds, “Affordable housing is a critical step for countless families looking to put roots down in Michigan. This is welcome news for our area and will also spur further investment – creating jobs and helping our economy. These tax credits are an important resource for developers looking to build. We’re all excited to see these projects completed and the positive impact they will have for vulnerable families.”
The Low Income Housing Tax Credit is an affordable housing production program that leverages public-private partnerships between the Federal government, state allocating agencies, and private sector developers.
In addition to the Four Flags Plaza credits, Upton announced that Selinon Park, in Portage, is set to receive $1,406,000 in credits, and the Village of Kalamazoo Apartments, in Kalamazoo, will receive $1,470,782 in credits.
Here is background on the Four Flags Plaza Apartments:
Four Flags Plaza Apartments is the rehabilitation of an existing 88 unit apartment development. The Low Income Housing Tax Credits will assist in providing the funding to make the necessary updates to preserve the units as affordable housing. The development received an award of Low Income Housing Tax Credit from the Michigan State Housing Development Authority in the annual amount of $1,259,068. This award will leverage approximately $11.6 million of private money towards the preservation of affordable housing in Niles.
Four Flags Plaza is an attractive six-story apartment building featuring 88 one-bedroom apartments for senior citizens with 10 units for rent by mobility impaired persons.
No more than 30% of a family’s total adjusted gross income is charged for rent with a utility allowance for electric. Utilities included in the rent are gas hot water heat, water, sewer and trash. The rents are subsidized by the Department of Housing and Urban Development under the Section 8/202 program.
The building is centrally located on Seventh Street, next to the Post Office and across form the Niles Community Library. The site is very spacious, making use of a private patio area and park area. The location makes shopping of all kinds accessible, being so near the downtown area. Churches, social service agencies and civic organizations are all nearby making transportation no problem to the residents.
Here is additional background on Village of Kalamazoo Apartments:
Village of Kalamazoo Apartments is the rehabilitation of an existing 165 unit apartment development. 159 of the 165 units will be designated as affordable housing units. The Low Income Housing Tax Credits will assist in providing the funding to make the necessary updates to preserve the units as affordable housing. The development received an award of Low Income Housing Tax Credit from the Michigan State Housing Development Authority in the annual amount of $1,470,782. This award will leverage approximately $12.9 million of private money towards the preservation of affordable housing in Kalamazoo.
Here is additional background on Selinon Park:
Selinon Park will consist of the new construction of 75 units of rental housing in three buildings. 66 of the 75 units will be designated as affordable housing units and 23 of the 66 affordable units will be dedicated for permanent supportive housing. The development received an award of Low Income Housing Tax Credit from the Michigan State Housing Development Authority in the annual amount of $1,406,000. This award will leverage approximately $13 million of private money towards the creation of affordable housing in Portage.
