FOR IMMEDIATE RELEASE June 15, 2022 Contact: [email protected]
Gov. Whitmer Announces Investment to Help Build 529 Affordable Apartments, Townhomes, and Housing Units Across Michigan
LANSING, Mich. – Today, Governor Gretchen Whitmer announced the state is moving forward with a plan to invest $13 million to build 529 affordable apartments, townhomes, and housing units to help increase the amount of affordable housing options across the state amidst a housing shortage, which will help lower costs for Michiganders. The projects are located in Ann Arbor, Detroit, Grand Rapids, Jackson, Midland, Nashville, Traverse City, and Wyoming. The investment from these projects is expected to add approximately $151 million to the state’s economy and create 1,000 jobs.
“Michigan should always be a place where everyone can afford to live, work, and raise a family. As rent and home prices increase across the country, we are moving forward with an aggressive plan here in Michigan to build more quality affordable housing. This will help put money back in people’s pockets, and give them a place to call home,” said Governor Whitmer. “Since I took office, we have built nearly 12,000 affordable, attainable housing units, and I look forward to much more progress. Under the Building Michigan Together plan that I signed into law in April, we’re charging forward with an ambitious goal of creating 75,000 new or rehabilitated housing units within the next five years. When Michiganders have a safe place to call home, it serves as a launchpad for economic opportunity and a strong foundation for people to pursue their potential. Together, we can make necessary investments to create equitable pathways to attainable housing for all Michiganders.”
Through the federal Low-Income Housing Tax Credit (LIHTC) program, developers that receive awards can claim credits against their tax liability annually for up to 10 years – an important initiative that helps incentivize investments in affordable housing in local communities across the state. This current round of funding will enable the creation or preservation of 561 total units including market rate apartments.
“We know that creating affordable housing benefits everyone in the state by stimulating local economic growth, but it also creates opportunities for Michiganders to have equitable access to safe, quality, affordable housing for their families, making for stable and secure living and upward mobility,” said Chad Benson, MSHDA rental development director.
A full list of development projects includes:
Building Michigan Together Plan Housing Investments Governor Whitmer’s Building Michigan Together Plan will fund the construction of thousands of affordable, attainable housing units to give thousands of working families a stable foundation to pursue their potential. It will also help over 100,000 families stay in their homes with mortgage and rental assistance and finance energy-efficient home repairs, lowering costs for Michiganders.
Governor Whitmer’s Housing Investments Since taking office, the Whitmer-Gilchrist Administration has made several investments to help families find a place to call home. The administration helped thousands of families buy homes with the Down Payment Assistance Program and MI Home Loan Mortgage Program, and provided services through the Housing Education Program to encourage homeownership and assist homeowners with the transition to new housing.
The governor also proposed funding for home repair and plumbing improvements for low-income households and encouraged housing developers to meet higher levels of sustainability commitments and energy efficiency by shifting construction of new units near amenities essential to healthy living like parks, grocery stores, and more. |
Investment to Help Build 529 Affordable Housing Units
