Federal tax credits to support affordable housing in Detroit
Jul. 16, 2017
DETROIT (AP) — Four developments in Detroit will receive more than $4 million in tax credits for affordable housing.
Mayor Mike Duggan says the credits will help create or preserve 385 units of affordable housing across the city.
The developments were selected for the federal low-income housing tax credits by the Michigan State Housing Development Authority. They represent a combined $110 million investment in the city.
The city says 271 units of existing affordable housing that soon were set to expire will be renovated and will keep their affordable status for another 30 years.
Another 114 units -- nearly half of which will be for families earning less than 30 percent of the area's average median income — will be built.