Gov. Gretchen Whitmer and Mayor Mike Duggan announced that the Michigan State Housing Development Authority (MSHDA) has awarded six Low-Income Housing Tax Credit (LIHTC) awards to five affordable housing developments in Detroit. The credits total more than $6 million and will go towards financing more than $100 million worth of housing investment.
In total, 553 units will be created or preserved, 92 percent of which will be affordable to those making between 30 to 80 percent of the area median income (AMI) or about $16,050 to $42,800 annually.
The projects are in Midtown, East Riverfront, Brush Park, and Milwaukee Junction—parts of the city where rents have risen sharply in recent years. Here are the five projects and details for each…Continue Reading or Check Out Our Exclusive, Off-Market Real Estate Investing Opportunities!
