COLDWATER, MI (WTVB) – The days maybe numbered for the former Franklin Elementary School building at 95 South Fremont in Coldwater.
The Michigan State Housing Development Authority announced recently that over $964,000 in Low-Income Housing Tax Credits were being awarded to MVAH Holdings of Butler County, Ohio and St. Mary Development Corporation for the Coldwater Senior Villas which will be developed at the site.
Plans call for the land to be converted into a senior housing development that will feature 48 new apartments.
The developers had been seeking the funds for the last couple of years, just missing out in early 2020 before the COVID-19 pandemic hit.
Coldwater City Manager Keith Baker said during Monday’s City Council meeting that the Coldwater Community School District has gotten a demolition permit.
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 M.S.H.D.A..
Over $27.9 million in Low-Income Housing Tax Credits were awarded in the latest round by M.S.H.D.A. for the construction and renovation of more than 1,400 affordable housing units throughout the state.
The Low Income Housing Tax Credits are federal tax credits administered through M.S.H.D.A. following a competitive application process.
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