WATERSMEET, MI— Watersmeet Township will construct rental housing through the state Low-Income Housing Tax Credit program.
LVD LIHTC I is getting $1,493,227 in federal tax credits through the Michigan State Housing Development Authority. The project is sponsored by the Lac Vieux Desert Band of Lake Superior Chippewa Indians and RTHawk Housing Alliance.
The development—whose total cost is $13,439,857—has 9% tax credits and a permanent loan from the Tribe.
The project will have 13 one-bedroom units, 20 two-bedroom units, and 11 three-bedroom units for households at or below 60% of Area Median Income.
It will create four permanent jobs and 228 temporary jobs.
