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Labor and Economic Opportunity

New developments for Flint's former YWCA, Coolidge School

LIHTC awards totaling $11.4 million will improve, increase state’s affordable housing stock

Media Contact: Misty Miller
517-373-1858


January 26, 2017
 

Flint, MICH. – More affordable housing options are planned for Flint with the support of $2.19 million in federal Low-Income Housing Tax Credits (LIHTC) issued by the Michigan State Housing Development Authority.

“Thanks to Low-Income Housing Tax Credits, over 100 families will soon have affordable housing and millions of private dollars will be invested right here in Flint,” State Senate Minority Leader Jim Ananich, D-Flint, said. “I appreciate MSHDA directing these resources to Flint—it will make a real difference for my community.”   

Over the 10-year lifetime of these LIHTC awards, approximately $22.6 million of private money will be leveraged towards the preservation and creation of affordable housing in the area.

Flint native Glenn Wilson of Communities First, Inc. will oversee the rehabilitation of the historic Coolidge School in the City of Flint with $1.1 million in annual LIHTC. The former school building will be converted into 45 affordable housing units and nine market units. The 54-unit complex will be known as Coolidge Park Apartments.

The large vacant building downtown that was recently used by the YWCA will be demolished and redeveloped into affordable housing units by PK Housing with just over $1 million in annual LIHTC. The project, 310 East Third Street, will consist of an urban mixed-use development with 47 units of affordable housing and 45 units of market rate housing.

"Although it is sad that the YWCA is no longer operating here it is heartwarming to know that 47 families will have new quality affordable housing options when this project is complete," Rep. Phil Phelps (D-Flushing) said. "It is crucial for us to attract investment in our community, especially investments like this, that will help our neighbors find safe and affordable places to live."

Since the LIHTC program began in 1986, it has incentivized affordable rental housing developers to build or rehabilitate more than 20,000 apartments for Michigan families, individuals, seniors and those with special needs.

Since the LIHTC program began in 1986, it has incentivized affordable rental housing developers to build or rehabilitate more than 20,000 apartments for Michigan families, individuals, seniors and those with special needs.

"The LIHTC Program is a public-private partnership that allows developers to renovate and construct quality, affordable housing for low- and mid-income families and individuals,” said Brian Mills, MSHDA’s interim executive director. “LIHTC is essential to meeting Michigan’s affordable housing needs and serves to boost local economies.”

MSHDA administers the federal tax credits in Michigan according to a Qualified Allocation Plan that outlines specific criteria and eligibility requirements. The QAP also establishes a scoring system to fairly evaluate projects and priorities. 

In 2016, the 10-year value of LIHTC in Michigan was calculated to create more than $1 billion of investment statewide. 

 

The Michigan State Housing Development Authority (MSHDA) provides financial and technical assistance through public and private partnerships to create and preserve decent, affordable housing for low- and moderate-income residents and to engage in community economic development activities to revitalize urban and rural communities.* 

*MSHDA's loans and operating expenses are financed through the sale of tax-exempt and taxable bonds as well as notes to private investors, not from state tax revenues. Proceeds are loaned at below-market interest rates to developers of rental housing, and help fund mortgages and home improvement loans. MSHDA also administers several federal housing programs. For more information, visit www.michigan.gov/mshda.