Four West Michigan affordable housing projects get tax credits PHOTO: SYDNEY SMITH

Four West Michigan affordable housing projects get tax credits

BY Friday, December 20, 2019 08:33am

Four proposed affordable housing projects in West Michigan have been awarded federal tax credits.

The Michigan State Housing Development Authority (MSHDA), which administers the tax credits, on Thursday said that a total of 15 projects across Michigan received federal low-income housing tax credits (LIHTC) in the latest funding round, totalling more than $12.6 million.

“This round of tax credits will create hundreds of new apartments and rehabilitate hundreds more in areas of high need throughout our state,” Gary Heidel, acting executive director of MSHDA, said in a statement. “We know there’s a big demand for affordable housing in urban areas, but rural areas often face similar housing challenges and I’m especially excited to see the geographic diversity in the credits we’ve awarded in this round.”

Two projects in Grand Rapids were awarded LIHTCs, including Ohio-based MVAH Holding LLC, a construction and property management firm that’s working with LINC UP on Eastern Lofts at 623 Eastern Ave. SE. The project was awarded more than $1.2 million.

Madison Lofts LDHA LLC, co-owned by Brad Gruizinga, Nick Lovelace and Tom Ralston, was awarded $535,000 to convert the former Faith Ministries Center Church at 200 Madison Ave. SE into 22 apartments.

In Muskegon, TEN21 Apartments, a development of Wisconsin-based General Capital Development LLC, was awarded $1.5 million for a 73-unit project. Jacklyn Apartments in Belding was awarded more than $521,000 for a 72-unit project being developed by Truverse MI LLC and Cove Investments LLC.

Some projects in West Michigan that applied in the October funding round did not receive the tax credits, including Adams Park Apartments, Grand Monroe and Belknap Place, all proposed for Grand Rapids. Samaritas Affordable Living Muskegon and Royal Coach Apartments in Hasting also were not funded.

Read 5612 times Last modified on Friday, 20 December 2019 11:38