COLDWATER, MI (WTVB) – While the Michigan State Housing Development Authority approved almost $990,000 in conditional Low Income Housing Tax Credits for the Lofts at Milnes Plaza project in downtown Coldwater, another Branch County application was not among the 14 projects which received nearly $13.5 million in funding for this round of grants.
Bronson Senior and Meadow View Senior Apartments in Coldwater submitted an application for about $255,000 that would cover 40 units in two buildings.
Meadow View’s new owners were planning to renovate the property’s 16 units through a federal tax credit program administered by MSHDA.
Chris Austin from Renovo Development Group of Lansing says they will resubmit the application for the next round in October and no renovation work will be performed until they get the tax credits.
He told the Coldwater City Council last February it will take about $500,000 to finance a renovation project in just construction costs alone.
Meadow View was built in 1994 and normal upkeep is being performed while the owners hope for a better result from MSHDA the next time around. The next round of awards will be announced in January.
There were over 40 applications from around Michigan seeking MSHDA funds in this round.
