(LANSING, MI (WTVB) – Senior housing projects in Coldwater and Bronson will be getting over $1.2 million in Low-Income Housing Tax Credits from the Michigan State Housing Development Authority.
MSHDA recently announced its largest award in recent history of more than $27.9 million in Low-Income Housing Tax Credits that will support the construction and renovation of more than 1,400 affordable housing units throughout the state.
Developer MVAH Holdings of Butler County, Ohio and St. Mary Development Corporation will get over $964,000 for Coldwater Senior Villas at the site of the former Fremont School Building.
Over nine acres of land was conditionally rezoned in 2019 by the City of Coldwater. The rezoning from A-1 One Family Residential to A-3 Multi Family Residential was contingent on the awarding of the tax credits from MSHDA.
MVAH Partners plan to convert the land into a senior housing development that will feature 48 new apartments.
Meanwhile, Bronson Senior Apartments and Meadowview Senior Apartments in Coldwater will get over $262,000 in Low-Income Housing Tax Credits that would cover 40 units in two buildings.
Renovo Development Group LLC and Cove Investments LLC are the developers.
Meadowview owners were planning to renovate the property’s 16 units when they submitted the application. Meadowview was built in 1994.
The Low Income Housing Tax Credits are federal tax credits administered through MSHDA following a competitive application process.
If the developer sticks to his word the deal is still good with us. If not anything could happen.