Projects in Detroit Awarded Federal Fund…

Brewster Wheeler Three separate but identical phases for the planned project at the Brewster Wheeler site near Mack Avenue and I-75 were awarded just less than $1.5 million for each phase, according to the release. ...Elmtree Ewald 3 ...The Bridge II ...VOA St. Mary ...Jefferson Avenue Apartments ...Bridgeview III ...

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Projects In Detroit Awarded Federal Fund…

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dbusiness.com

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$12M In Tax Credits Will Keep 6 Detroit Affordable Housing Projects …

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Jun 29, 2022 · City and state officials alongside developers Wednesday announced that Detroit received $12.1 million in Low Income Housing Tax Credits, also known as LIHTC, from the Michigan State Housing Development Authority to support six housing developments in the city.

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Developer Charles Dickerson Celebrates Completion Of ... - City Of …

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5 days ago · The Detroit Economic Growth Corporation awarded a $743K tax abatement for the project spread out over the next 15 years.

detroitmi.gov

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Metro Detroit Housing Projects Earn Federal Tax Credits - The …

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Jan 26, 2016 · Six projects in Metro Detroit are among those across the state receiving some of more than $11.7 million in low-income housing tax credits, Michigan State Housing …

detroitnews.com

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Bedrock Seeks Tax Break To Finish Detroit Office-to-housing ... - MSN

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A representative for the real estate firm Thursday shared that anticipated completion date — plus how rents for their one-bedroom market-rate units could start around $1,900 — while pitching …

msn.com

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MSHDA Awards $27.9 Million In Tax Credits For Affordable Housing ...

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Jul 15, 2021 · LIHTC are federal tax credits administered through MSHDA following a competitive application process. Developers who are recipients of LIHTC funds can claim credit against …

michigan.gov

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Detroit Awarded $38M In Tax Credits For Affordable Housing Units

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Jun 23, 2022 · The school renovation is funded by the state, which is granting $38 million to build four developments in the city. "It's generating approximately 200 units - of housing in the city …

fox2detroit.com

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$12M In Tax Credits Will Keep 6 Detroit Affordable Housing Projects …

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Jul 21, 2022 · Officials and developers on Wednesday announced the low income housing tax credits for Detroit-based projects hit hard by soaring costs. $12M in tax credits will keep 6 …

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Fusco, Shaffer & Pappas, Inc., Architects And Planners On LinkedIn: …

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Excited to announce that my 77-unit affordable senior housing development has been awarded 4% and 9% Low Income Housing Tax Credits (LIHTC) by Michigan State Housing and …

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FAQs about Projects in Detroit Awarded Federal Fund… Coupon?

Which Detroit-based projects received low-income housing tax credits?

Four other Detroit-based projects received the low-income housing tax credits. Among them: Anchor at Mariners Inn: The development received roughly $1.4 million in MSHDA tax credits. Forty-four of the units will be permanent supportive housing for formerly homeless residents. The project is expected to break ground by the end of the year. ...

Will tax incentives help Detroit build more housing?

Rising construction costs almost derailed the creation of nearly 500 units of housing in Detroit, but a tranche of federal tax incentives will help keep them on track. ...

How many LIHTC units are available in Detroit?

'"Over 100 of the units will be available to Detroiters who have next to no income at all," Vickers said. The federal LIHTC program is meant to spur and preserve affordable rental housing. Under the incentive, developers can claim a credit against their tax liability each year for a decade, according to MSHDA. ...

Is affordable housing a problem in Detroit?

Affordable housing is an ongoing concern in Detroit. Roughly one third of Detroiters missed at least one housing payment in the past year and about 39,000 households are spending more than half of their income on rent and mortgages, according to a survey of city residents done by the University of Michigan late last year . ...

What is MSHDA's new LIHTC funding round?

MSHDA's latest LIHTC funding round will support the construction and renovation of more than 1,400 affordable housing units in rural and urban communities throughout the state. Twenty of the 25 LIHTC-funded projects involve new construction, creating over 1,000 new affordable apartments. ...

What are LIHTC tax credits?

LIHTC (Low-Income Housing Tax Credits) are federal tax credits administered through MSHDA following a competitive application process*. Developers who are recipients of LIHTC funds can claim credit against their tax liability annually for up to 10 years, thereby continuing to incentivize investing in affordable housing in local communities. ...