LANSING, MI – April 30, 2009 – (RealEstateRama) — Governor Jennifer M. Granholm together with Michigan State Housing Development Authority (MSHDA) Executive Director Keith Molin today announced over $7.5 million in grants to be distributed to 15 cities across the state through the Neighborhood Stabilization Program (NSP). The grants are the first round of NSP funding in Michigan that could total as much as $22 million over the next six to nine months. This initial funding will support the redevelopment of 116 residential units and the demolition of 276 blighted units throughout the state.
“These funds are going to help us improve communities across the state and create jobs in the process,” Granholm said. “We are pleased to make these grants available in record time so we can restore vibrancy and energy to Michigan’s economy and our cities.”
According to Molin, 15 cities are slated to receive funds immediately with two more close behind. The 15 include Ann Arbor, Battle Creek, Bay City, Benton Harbor, Jackson, Kalamazoo, Livonia, Muskegon, Muskegon Heights, Port Huron, Roseville, Royal Oak, Saginaw, St. Clair Shores, and Wyoming. Awards also will be distributed to the cities of Dearborn Heights and Farmington Hills upon completion of a review soon to be completed.
“These federal funds could not have come at a better time,” Molin said. “We have expedited the funding because these cities all have strong municipal housing and community development programs, effective delivery systems and immediate need.”
Molin pointed out that timing is critical because foreclosures and abandonment are threatening the property values of other community residents.
“Not only are foreclosures bringing down property values and creating blight, but many of these homes have been abandoned and are actually posing a serious threat to the surrounding neighborhoods, Molin explained.”
“The improvements planned with the NSP funds can’t help but breathe new life into these cities and prosperity will start to grow and thrive,” Molin said. “The ‘sense of place’ that develops is key to Michigan’s ability to retain and attract that much-needed young knowledge worker of the future.”
MSHDA also anticipates that additional grant allocations to other communities, nonprofits and developers will be made in the very near future.
“Our vision is the improvement of the quality of life for all Michigan residents and the creation of vibrant communities across the state with safe and affordable housing through both homeownership and rental programs,” said Gov. Granholm.
MSHDA is a quasi-state agency that provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in building vibrant cities and neighborhoods, and address homeless issues. MSHDA’s loans and operating expenses are financed through the sale of tax-exempt and taxable bonds and notes to private investors, not from state tax revenues. For more information on MSHDA programs, including the Save the Dream initiative, visit the Web site at www.michigan.gov/mshda.
Contact: Communications Director 517-373-0011