GRAND RAPIDS, Mich. (WOOD) — Tax credits have been awarded to two Grand Rapids developments that are expected to add nearly 100 affordable rental units for seniors.
The Low-Income Housing Tax Credit program provides tax incentives to developers who build affordable rental housing. In turn, that makes it possible to offer lower rents. The program is funded by the federal government and administered on the state level by the Michigan State Housing Development Authority.
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A planned development at 848 S. Division Ave. near Martin Luther King Jr. Street has been awarded $1.47 million, according to a Thursday memo from MSHDA. The development, a project from Samaritas Affordable Living, United Methodist Community House and the Grand Rapids Housing Commission, will include 46 one- and two-bedroom units for those earning up to 60% of the Area Median Income. It’s also expected to create 13 permanent jobs and three temporary jobs.
A second planned development at 1201 S. Division Ave. near Hall Street has been awarded about $1.65 million, the memo says. Known as Vision, it will add 49 affordable housing units for the elderly. The units are intended for those earning between 50% and 80% AMI, and 38 of them will receive rental assistance, according to the governor’s office. The project is expected to create two permanent jobs and 125 temporary jobs.
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Two other West Michigan developments also received awards: Sunset Grove at 08729 M-140 in South Haven, which will create 42 affordable senior housing units, and Allegan Terrace near 110 Lowe St. in Allegan, which will create 44 units for households earning 30%, 40% and 80% AMI…