The Low-Income Housing Tax Credit program, or LIHTC, is awarding over $17 million in tax credits, with a total value over the next 10 years of around $173 million.
LIHTCs are federal tax credits allocated by the Michigan State Housing Development Authority following a competitive application process, and developers can claim credit against their tax liability annually for up to 10 years.
In Wyoming, the developers of Shea Ravines II are receiving over $1.6 million in credit. The development will have 40 one-bedroom units and 16 two-bedroom units for households making 30%-80% of area median income. The cost of the project is almost $18 million and will create two permanent jobs and 62 temporary jobs.
In Muskegon, the developers of Nelson School Apartments are also receiving over $1.6 million in credit. The development will have 38 one-bedroom units and 14 two-bedroom units for households making 30%-80% of area median income. The cost of the project is over $19 million and will create 22 permanent jobs and 83 temporary jobs.
