Detroit, Michigan residents are soon getting more and better affordable apartment options with the support of $895,952 in federal Low-Income Housing Tax Credits (LIHTC) issued by the Michigan State Housing Development Authority.
These LIHTC awards will leverage approximately $9 million of private money toward the preservation and creation of affordable housing in the city over the next 10 years.
“With these new housing options more Detroit families will get much needed relief in trying to make ends meet,” Congressman John Conyers, Jr. (MI-13) said. “When housing is affordable, families have more money to pay for household needs, provide education for their kids, put food on the table and enjoy an overall greater quality of life.”
Detroit-based American Community Developers was awarded LIHTC in the annual amount of $385,504 to rehabilitate Himelhoch Apartments, a 100-year old historic building located at 1545 Woodward Avenue. These apartments provide 36 units of affordable senior housing along with another 36 units of market rate housing.
North of Midtown, a vacant and historic building just off Woodward will be rehabilitated and converted into new affordable housing units called Saint Rita Apartments. Located at 35 Owen Street, these apartments will consist of 26 affordable units, all of which will be reserved as Permanent Supportive Housing. PSH is a model that combines low-barrier affordable housing, health care and supportive services to help individuals and families lead more stable lives. Detroit Central City was awarded LIHTC in the annual amount of $510,488 to create Saint Rita Apartments.
Since the LIHTC program began in 1986, it has incentivized affordable rental housing developers to build or rehabilitate more than 20,000 apartments for Michigan families, individuals, seniors and those with special needs.
Since the LIHTC program began in 1986, it has incentivized affordable rental housing developers to build or rehabilitate more than 20,000 apartments for Michigan families, individuals, seniors and those with special needs.
“The LIHTC Program is a public-private partnership that allows developers to renovate and construct quality, affordable housing for low- and mid-income families and individuals,” said Brian Mills, MSHDA’s interim executive director. “LIHTC is essential to meeting Michigan’s affordable housing needs and serves to boost local economies.”
MSHDA administers the federal tax credits in Michigan according to a Qualified Allocation Plan that outlines specific criteria and eligibility requirements. The QAP also establishes a scoring system to fairly evaluate projects and priorities.
In 2016, the 10-year value of LIHTC in Michigan was calculated to create more than $1 billion of investment statewide.
Image via Google Maps.