MSHDA BOARD APPROVES FUNDING FOR HOUSING ACROSS MICHIGAN
The Michigan State Housing Development Authority (MSHDA) board approved funding for six affordable housing developments at its September meeting.
The Board approved a loan for $6.8 million using the Residential Tax Increment Financing (TIF) program. This will provide 146 workforce housing units in Bellaire, Antrim County. The Residential TIF program will help transform underutilized properties into quality, affordable housing.
Two housing developments in the City of Detroit were approved. Linwood Apartments, a 40-unit development with four accessible units, received over $12 million to renovate the currently vacant building extensively. Russel Woods Senior Living Community, comprised of 77 units with nine accessible units, received $22.5 million in funding through 4% and 9% Low-Income Housing Tax Credits (LIHTC) and other MSHDA funding to enhance accessibility features.
The Board approved $16.6 million in MSHDA funding for the construction of 1309 Madison Apartments in Grand Rapids, which will have 45 new construction units and three accessible units. This development will have two buildings with one- and two-bedroom apartments available to families between 30% and 80% of area median income (AMI). Mystic View Apartments in Allegan County, which has 40 units with two accessible units, was approved for $9.1 million for renovations and site work.
The board also approved $11.3 million in funding for the construction of Royal Oak Cottages in Oakland County. The community will have 28 single-family homes and 5 accessible homes. Once constructed, all units will be available to families at or below 30% -60 % AMI, and 15 units will receive Project-Based Vouchers.
A loan modification for Lockwood of Lyon, a 130-unit senior living community in Oakland County, was also approved. The modification will assist with operating expenses and marketing of unleased units.
News release by MSDHA September 24, 2024
THE GENERAL ELECTION & IMPORTANT DATES
November 5th will be here before you know it, and it’s never too early to educate yourself on what's on your ballot.
Here is the voter information page link, allowing you to see your sample ballot, precinct information, and your voting location. Your voter information (state.mi.us)
Important Dates!
October 26 – early voting begins
November 5th – General Election – locations are open from 7 am – 8 pm.
AAM MEMBERSHIP & THE IMPORTANCE OF YOUR PAC CONTRIBUTION
We need your help to maintain our strong voice for the multifamily rental property industry. It starts with membership. Membership supports our staffing and lobbying efforts, as well as communications, education, and member benefits. Effective May 1, 2024, for just $2.80 per unit (minimum dues $500), multifamily rental property owners can support the organization that tells your story in Lansing. Associate members (suppliers or service organizations) can join for $1,000 annually. If you are not currently a member, we strongly urge you to join today online BY PRESSING HERE. If you have questions about member benefits, contact AAM at 248-737-4477.
Just as important as membership, the Apartment Association of Michigan Political Action Committee (AAM-PAC) needs your support. AAM-PAC accepts contributions from members and aggregates them into one fund, which then financially supports those elected officials who understand the important role of rental housing in Michigan’s economy. You must be an AAM or HBA Member to contribute to the fund, which has a fundraising goal of $150,000 for 2023-24. Remember, an AAM-PAC contribution must be made via personal, partnership, LLP, or LLC check or credit card. Members - make your PAC Contribution online BY PRESSING HERE.
THANK YOU 2023-2024 AAM-PAC SUPPORTERS
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