Crosswinds Manor to be rehabilitated using Low-Income Housing Tax Credits
MSHDA awards $11.8 million to 17 affordable housing projects in 12 counties
BELDING, MICH. – (RealEstateRama) — The 24-unit senior living community Crosswinds Manor will be rehabilitated using Low-Income Housing Tax Credits from the Michigan State Housing Development Authority.
Located at 901 N. Bridge Street in Belding, the affordable apartment building is home to low- and very low-income senior citizens and persons with disabilities.
Rehabilitation plans include increasing energy efficiency within the units, updating common areas, enhancing curb appeal and providing improved tenant comfort. All 24 one-bedroom, one-bath units will get new vinyl flooring and carpet, updated cabinetry, energy star appliances, wired internet access, a modernized entry access system and more. Residents will not be displaced during renovations.
Exterior updates will focus on new roofing, vinyl siding and the installation of new gutters and downspouts. Windows and sliding glass doors will also be replaced.
TJ Acquisitions was awarded $141,013 in LIHTC for the project.
The federal government provides the tax credits which are then administered by MSHDA based on housing needs at the local level. With this round of funding, an estimated 819 units of affordable rental housing will be built or rehabilitated for low- and moderate-income individuals and families across the state.
“The LIHTC Program is a public-private partnership that allows developers to renovate and construct quality, affordable housing,” MSHDA Executive Director Kevin Elsenheimer said. “This program is essential to meeting the housing needs of families, seniors and special needs populations with low or fixed incomes.”
The LIHTC program is the most successful affordable housing production program in U.S. history and spurs community investment. In 2015, the 10-year value of LIHTC in Michigan was calculated to create more than $1.3 billion of investment statewide.
Federal law requires LIHTC be allocated according to a Qualified Allocation Plan (QAP). The process for receiving an award includes an application and competitive scoring.
The Michigan State Housing Development Authority (MSHDA) provides financial and technical assistance through public and private partnerships to create and preserve decent, affordable housing for low- and moderate-income residents and to engage in community economic development activities to revitalize urban and rural communities.*
*MSHDA’s loans and operating expenses are financed through the sale of tax-exempt and taxable bonds as well as notes to private investors, not from state tax revenues. Proceeds are loaned at below-market interest rates to developers of rental housing, and help fund mortgages and home improvement loans. MSHDA also administers several federal housing programs. For more information, visit www.michigan.gov/mshda.
Contact:
Misty Miller
MSHDA Communications
517-373-1858
