In the U.S., every state receives a certain amount of tax credits annually based on population. Michigan has seen decreases in population over the last several years, thus the total tax credits awarded has dropped as well. To make Michigan more appealing to developers and investors, the MSHDA overhauled their previous framework for awarding tax credits. In order to receive tax credits, developers must compete and they are scored on a variety of factors. If they are awarded tax credits, they can then sell them to investors and raise money to build more affordable housing.
The major changes to the plan are intended to promote community renewal in urban and rural areas with considerations for accessible transportation and other placemaking amenities. A few other changes included community support, cost containment and permanent supportive housing category modifications.
You can learn more about the specific changes at the Michigan State Housing Development Authority Website.
If you live in the Lansing or East Lansing areas in Michigan and are thinking about buying or selling a home, please contact me at MyRealtorRob. As an East Lansing realtor, I can provide you with a free market analysis, help you get pre-qualified for a mortgage loan and answer questions about life in the Lansing area.
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