The Michigan State Housing Development Authority – or MSHDA - has announced its largest award in recent history of more than $27.9 million in Low-Income Housing Tax Credits. The monies are used to construct new affordable multifamily rental housing and to rehabilitate existing properties for low- to moderate-income Michigan residents.
In the U-P, the Sault Ste Marie Community Housing Network, C-C-C-F Developer, and the Sault Ste Marie tribe of Chippewa Indians will receive just over
1-million dollars for construction of 36 new apartment units.
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.
