Levin, Stabenow Announce $6 Million for Affordable Housing Development in Michigan
WASHINGTON, DC – October 18, 2010 – (RealEstateRama) — U.S. Sens. Carl Levin and Debbie Stabenow, both D-Mich., today announced that two Michigan housing development firms will receive a combined $6 million in federal awards designed to help develop affordable housing in low-income communities. Lansing-based Great Lakes Capital Fund Nonprofit Housing Corporation will receive $4 million and Detroit-based Southwest Housing Solutions will receive $2 million through the U.S. Treasury’s Community Development Financial Institutions Capital Magnet Fund.
“These federal grants will help get families across Michigan back into affordable homes,” Levin said. “Construction of more affordable housing will spur local economies and help families who have been hit especially hard during this economic crisis.”
“Communities across Michigan continue to weather the effects of the economic and housing crisis,” said Stabenow. “This funding will be used to provide struggling families, veterans, and persons with disabilities with better access to affordable housing while helping to revitalize neighborhoods in Lansing and Detroit.”
Great Lakes Capital Fund Nonprofit Housing Corporation (GLCF) is an independent nonprofit organization located in Lansing that has provided more than $1.5 billion in community development financing and affordable housing financing since 1992. The award will be used to increase and enhance its predevelopment revolving loan fund, to access short-term loan advances in order to provide acquisition and construction loans for housing developments, and expand its capability to provide permanent loans.
Southwest Housing Solutions (SWHS) is a subsidiary of Southwest Solutions, a provider of comprehensive community-based social services. Located in Detroit, SWHS develops and manages affordable housing and development, while providing housing to extremely low to moderate income families. They will use this award to repair and construct 137 residential homes, for both multifamily and single families, and a total of 61,500 square feet of community service facilities in southwest Detroit.
The Capital Magnet Fund provides financial assistance awards to certified community development financial institutions as well as to nonprofit organizations involved in the development or management of affordable housing. The awards are made in the form of grants, and the awardees are chosen through a competitive application process. For more information, visit www.cdfifund.gov.
Contact:
Senator Levin’s Office
Phone: 202.224.6221
