The Michigan State Housing Development Authority (MSHDA) has allocated more than $16.3 million in federal 9% Low-Income Housing Tax Credits (LIHTC) to support the creation and preservation of over 700 housing units spanning across 14 projects in nine Michigan communities, including Lapeer County’s Imlay City.
The LIHTC program, which is federally funded and administered by MSHDA, provides tax incentives on a competitive basis to developers who build or rehabilitate housing for low- and moderate-income residents. These credits help reduce financing costs, making it possible to offer lower rents and ensure long-term affordability. Developers can claim credit against their tax liability annually for up to 10 years.
A project on the Townsend Manor II apartment complex in Imlay City was awarded $444,673 (four hundred forty-four thousand six hundred seventy-three dollars). DeShano Development will rehabilitate 48 units for households earning below 60% Area Median Income, with 40 units receiving rental assistance from the U.S. Department of Agriculture and Rural Development’s Rural Housing Service (RHS). The development will create 22 temporary jobs.
