Grand Rapids Motown Square affordable housing project receives financial boost
One of more than a dozen low-income housing projects receiving a state tax credit
The Michigan State Housing Development Authority has identified 14 low-income housing projects receiving a portion of more than $13 million in Low-Income Housing Tax Credits. Last year, Grand Rapids nonprofit, LINC UP, partnered with Maurice Townshend to bring his vision for an affordable assisted living development to the city’s southeast side. The co-developers have named it MoTown Square. A four-story building constructed on Hall Street SE between Cass and Lafayette.
“It’s almost a $14 million project that would create 54-units of one-bedroom apartments. Independent living but having assisted living services available.”
Stephanie Gingerich is Real Estate Development Director with LINC UP. The MoTown Square development receiving more than $1.3 million in tax credits that will be sold to an equity investor.
“Every year they get the $1.3 million tax credit and so to them that’s worth $12 million in equity and that’s the majority of the funds that will make the project possible.”