The Michigan State Housing Development Authority is awarding MV Affordable Housing LLC and the Jackson Housing Commission $831,920 in Low-Income Housing Tax Credits (LIHTC), Executive Director Earl Poleski announced January 26th.
MV Affordable Housing LLC, an LLC formed by Ohio developer Miller-Valentine, is purchasing land at the corner of Francis and Wesley Streets in Downtown Jackson from the City of Jackson. Miller-Valentine approached the city one year ago with a proposal to build senior housing units on the property.
The 45 unit senior housing complex, to be known as Francis Senior Lofts, will be a multi-story mixed use building with over 3,000 square feet of retail space on the first floor. The plan is for one and two bedroom apartments with rents starting at around $600 per month.
LIHTC are federal tax credits administered by MSHDA through a competitive application process. The Authority holds two funding rounds per year, in October and April, each for roughly half of the available $23 million credit.
“Housing tax credits are an important resource for developers to leverage when planning to rehabilitate or build new quality affordable rental housing in Michigan,” Poleski said. “Without this incentive, we simply would not be able to meet the state’s housing infrastructure demands for those most in need.”
City Manager Patrick Burtch said on JTV this week that another Jackson project, the Citizen Patriot building, did not receive approval with this round. That project, by Wisconsin-based General Capital Group, would be a three-story, 73-unit apartment complex. The project will encompass and surround the former Citizen Patriot building. Burtch said the developer is planning to apply for the LIHTC credits in the next round, scheduled for April.
A total of 13 developments were awarded just over $13 million in LIHTC. These projects will yield 833 units of rental housing for low- to moderate-income individuals and families throughout the state.
