DETROIT — The Michigan State Housing Development Authority (MSHDA) announced earlier this summer that it was awarding more than $6 million in Low-Income Housing Tax Credits (LIHTC) to build or rehabilitate 5 developments in Detroit. State Rep. Isaac Robinson (D-Detroit) celebrated the announcement, noting that the new affordable housing would aid in the city’s continued revitalization.
The Developments selected for the LIHTC awards were:
- 7850 East Jefferson Phase I, Detroit
Developer: Ginosko Development Company
LIHTC award: $889,365
- 7850 East Jefferson Phase II, Detroit
Developer: Ginosko Development Company
LIHTC award: $889,365
- Beaubien, Detroit
Developer: American Community Developers, Inc.
LIHTC award: $1,500,000
- Cathedral Tower Apartments, Detroit
Developer: MRK Partners, Inc.
LIHTC award: $1,500,000
- Milwaukee Junction Apartments, Detroit
Developers: MHT Housing, Inc. and The Detroit Catholic Pastoral All
LIHTC award: $570,203
- Orchestra Place Apartments, Detroit
Developer: LarC Properties, Inc.
LIHTC award: $887,876
“I was very pleased to hear that LIHTC would be granted to so many developments here in Detroit,” said Robinson. “As we continue to breathe new life into the city it is essential to ensure there are affordable housing options for everyone. I am looking forward to seeing the progress of these projects completed.”
LIHTC are federal tax credit administered by MSHDA through a competitive application process. The Authority holds two funding rounds per year, in October and April, each for roughly half of the available $27.5 million credit. Developers can draw from their tax credit amount annually for 10 years, keeping housing affordable over the long term and sustaining major investments in local communities.