Two affordable living apartment complexes in Michigan's Great Southwest will share in more than $11.7-million coming from the Michigan State Housing Development Authority. They are two of 18 low-income housing tax credit projects scattered around the state as announced today by the crew at MSHDA in Lansing.
The Miller Court Senior Apartment complex in Paw Paw will draw down more than half a million dollars for planned rehabilitation or expansion under the development of RAD Conversion Specialists according to the report from MSHDA. The total for that project in Van Buren County clocks in at $525,084.
The Vintage Court Apartment complex in Lawton picks up $137,634 for similar work to be done by the developer TJ Acquisitions according to the MSHDA report.
Kevin Elsenheimer is Executive Director at the Michigan State Housing Development Authority. He tells us, "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."
The federal tax credits are administered by MSHDA after a competitive application process. In this 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.
Since the program's inception thirty years ago, Low Income Housing Tax Credits have proven to be an effective vehicle for raising private-sector community investments. MSHDA estimates that this round of awards alone will leverage roughly $113 million in private investment for Michigan.
More jobs will also be an outcome of this round of tax credits. The National Association of Home Builders job creation formula projects that almost 1,250 new Michigan jobs will be generated, at least half of which are set to be construction-related.
MSHDA holds two funding rounds per year, in October and April, each for half of the available credit. Michigan's annual authority for 9-percent Low Income Housing Tax Credits is approximately $22-million.
The two Van Buren projects were the only ones funded in the Tri-County region of Southwest Michigan.
