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Michigan Governor Gretchen Whitmer and the Michigan State Housing Development Authority recently announced more than $13 million in federal funding for the development and rehabilitation of affordable housing units across the state. Federal Low-Income Housing Tax Credits (LIHTC) will support the construction of 500 affordable housing units across 10 projects.
According to CBS News, any developer that receives an LIHTC award can claim credits against their tax liability every year for 10 years, an initiative that aims to incentivize developers to invest in affordable housing in Michigan. Thus far, the investment from these affordable housing projects is more than $173 million, and officials hope to create over 30 permanent jobs and more than 800 temporary jobs statewide.
"In Michigan, we are building housing and revitalizing communities to make our cities and towns more affordable places to live, work, and invest," said Governor Whitmer. "Housing is a national challenge, and in Michigan, we are taking bold actions to meet our goal of building or rehabilitating 75,000 housing units over five years. Having a safe, affordable place to call home is the foundation for upward economic mobility for families and the communities they choose to call home. Let's keep building housing, lowering costs, and growing our economy."
