Labor and Economic Opportunity
November 22, 2021
Lansing, Mich. - Several multifamily housing developments received approval for loans from the Michigan State Housing Development Authority (MSHDA) Board during its November meeting.
The loans will be used to acquire, redevelop and/or rehabilitate nearly 600 units, many of which are designated as affordable. Approvals for these loans comes shortly after Governor Whitmer announced her goal of having 75,000 new or rehabilitated housing units within the next five years as part of her MI New Economy plan.
"Governor Whitmer has made it a priority to address Michigan's housing crisis head-on through ambitious goals and legislation that expands access to safe and affordable housing for all Michiganders," said Chad Benson, MSHDA's rental development director. "MSHDA's loans and tax credits will play an important role in reaching that goal, but we need the support of municipalities, developers and others across the state to solve the housing challenges currently facing our communities."
The developments approved for MSHDA loans at the meeting include:
The governor earlier this year also announced an historic investment in affordable housing with a proposal that would assist 6,000 Michigan residents, produce 2,000 rental housing units, and create 1,600 good-paying jobs.