Federal Rehabilitation Tax Credits
Federal income tax credits are available for owners of National Register listed income-producing properties who rehabilitate their properties. The projects must be certified by the National Park Service, in consultation with the State Historic Preservation Office.
Neighborhood Enhancement Program
The funding is designed for high-impact, innovative, neighborhood housing-oriented activities that benefit area residents. There are three eligible neighborhood components: 1) Beautification; 2) Neighborhood Public Amenity Enhancements; and 3) Housing Enhancements. The intent of the program is to fund tangible housing-oriented activities that are: implementation ready; highly visible; and where there is buy-in at the local level and demonstrated support within the neighborhood and community.
Communities are working overtime to attract and retain businesses but lacking suitable housing options for a growing workforce. MSHDA is rolling out an exciting new pilot program that uses modular home products in these critical need areas. MSHDA Mod reduces the typical single-family home construction timeline and allows new construction to be made available at a price point below $200,000.
Multi Family Direct Lending Programs
The Multi Family Direct Lending Program offers tax-exempt loans to for-profit or nonprofit developers for new construction or rehabilitation of rental developments, usually greater than 24 units. The use of the 4 percent housing credit is automatically applied. A minimum of 40 percent of the units are available for households at or below 60 percent of area median income or 20 percent of units at 50 percent of area median income.
Low Income Housing Tax Credits
The Low Income Housing Tax Credit (LIHTC) Program offers federal tax credits to affordable housing developments in order to attract private equity that can be used to fund capital costs or improvements. The LIHTC resource can be paired with many different resources such as bank loans, local funding sources, and housing vouchers in an effort to provide enough resources to make an affordable housing development feasible. The LIHTC can also be used in conjunction with developments utilizing tax-exempt bond loans and mixed-income developments where a portion of the units are rented at market-rate levels. There are generally two funding rounds per year in which MSHDA allocates the LIHTC resource to eligible affordable housing projects throughout the state.
Michigan Invasive Species Grant Program
Grants are available to address strategic issues of prevention, detection, eradication, and control for both terrestrial and aquatic invasive species in Michigan.
Recreation Passport Local Grant Program
Grants are available for the development of public outdoor and indoor recreation facilities.
Land and Water Conservation Fund
Grants are available for the development of public outdoor recreation facilities.
Michigan Natural Resource Trust Fund
Grants are available for land acquisition for natural resource protection and public outdoor recreation and for the development of public outdoor recreation facilities.
Brownfield Redevelopment Program
Brownfields are properties that are known or believed to be contaminated. DEQ helps communities clean up and safely reuse brownfields with financial incentives and technical assistance. Grants, loans, and approval to use tax increment financing for environmental investigations, demolition, and cleanup at contaminated sites may be available. Funding availability varies.