The quality of life will improve for residents of three apartment housing complexes in the region thanks to nearly $1.4-million in Low-Income Housing Tax Credits from the Michigan State Housing Development Authority, or MSHDA. One complex in Berrien County and two others in Van Buren County will get improved affordable housing stock thanks to the program.
Residents at Metea Court in Buchanan and Wood Decatur Downs and Woda Lawrence Downs in Van Buren will see the upgrades thanks to a public-private partnership under the MSHDA flag. Kevin Elsenheimer is the Executive Director of the Michigan State Housing Development Authority. He says, "The Low-Income Housing Tax Credit Program is a public-private partnership that allows developers to renovate and construct quality, affordable housing." He adds, "This program is essential to meeting the housing needs of families, seniors and special needs populations with low or fixed incomes."
The tax credits are going to two different developers to rehabilitate the three affordable apartment buildings in the region.
Berrien County's Metea Court is a 100-unit senior housing community in Buchanan. Metea Court will be updated with new cabinetry, countertops, appliances, ultra-low-flow plumbing fixtures and high efficiency lighting. The bathrooms will be completely remodeled with new tub & shower enclosures, ventilation systems and flooring.
Located in a quiet residential neighborhood at 809 Rynearson Street in Buchanan, the updated development will consist of 20 market-rate units and 80 Low-Income Housing Tax Credit units spread out over 19 residential buildings.
Hollander Development Corporation was awarded $637,046 for the updates to Metea Court.
The Woda Group was awarded $748,500 to renovate Woda Decatur Downs and Woda Lawrence Downs in Van Buren County. When the updates are complete, the units will appear new, with increase energy efficiency and will be well-suited for many more years of use, according to the developer. The tax credits will be split equally between the two projects.
The federal government provides the tax credits which re administered by MSHDA based on housing needs at the local level. With this round of funding, an estimated 819 units of affordable rental housing will be built or rehabilitated for low- and moderate-income individuals and families across the state.
The LIHTC program is the most successful affordable housing production program in U.S. history and spurs community investment. In 2015, the 10-year value of LIHTC in Michigan was calculated to create more than $1.3-billion of investment statewide.
Federal law requires the program to be allocated according to a Qualified Allocation Plan. The process for receiving an award includes an application and competitive scoring.
