Lansing, Mich. – At its August meeting, The Michigan State Housing Development Authority (MSHDA) Board approved funding for four affordable housing developments, which will rehabilitate and preserve 319 housing units in the state.
“Every month we continue to make progress implementing housing solutions that have a positive impact for residents, partners and local economies,” said Amy Hovey, CEO and Executive Director at MSHDA. “The projects approved by the Board get us one step closer to strengthening Michigan’s housing ecosystem and solving the housing crisis.”
The Board approved $28.4 million in MSHDA funding for the acquisition and rehabilitation of Lee Plaza, an historic structure built in 1927 in the City of Detroit. MSHDA’s loan, Public Act 5 grant and 4% Low-Income Housing Tax Credits (LIHTC) will help fund the acquisition and rehabilitation of 65 housing units, all of which are for older adults at or below 60% of area median income (AMI), with four accessible units. The 9% LIHTC will help fund the rehabilitation of 52 units within the development. This development is expected to create four permanent jobs and 390 temporary construction jobs.
Two housing developments in River Rouge were also approved for funding by the Board. Seneca Terrace, a 124-unit development with three accessible units, was approved for $12.7 million for extensive renovations including new roofs, windows, appliances, and landscaping. Iroquois Terrace, an 84-unit development with two accessible units, was approved for $9 million to replace and upgrade roofs, appliances, windows and HVAC systems.
The Board approved $5.5 million in funds to rehabilitate Crossroads Apartments, located in Reed City in Osceola County. Crossroads Apartments consists of 39 housing units with two accessible units, which include balconies and patios, in-unit laundry, along with a community room and playground.
During August’s meeting, the Board also approved the issuance and sale of rental housing revenue bonds along with an extension and increase to short-term revolving credit to finance single-family mortgages and down payment assistance loans.
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About MSHDA
The Michigan State Housing Development Authority (MSHDA), established in 1966, provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in community economic development activities, develop vibrant cities, towns and villages, and address homeless issues.
