Developments get low-income housing tax credit awards
DETROIT (AP) — Five affordable housing developments in Detroit have been awarded competitive low-income housing tax credit awards by the Michigan State Housing Development Authority.
The tax credits are expected to help create or preserve 536 affordable housing units across the city in developments that represent more than $100 million in investment.
Many of the new and preserved units will serve residents making between 30% and 80% of the area median income -- or about $16,050 to $42,800 annually.
Detroit’s Housing & Revitalization department worked with developers who applied for the tax credits. The city says the tax credits also give developers the ability to serve families and individuals who are at the lower end of the economic spectrum, including those who have experienced homelessness.