NEWS RELEASE
MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY
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The Michigan State Housing Development Authority (MSHDA) Board today approved a new partnership with Michigan Saves, using funding from the Coalition for Green Capital through the Greenhouse Gas Reduction Fund’s (GGRF) National Clean Investment Fund. This strategic collaboration will help finance the construction and renovation of rental housing projects that significantly reduce greenhouse gas emissions, mainly in low-income and disadvantaged communities.
“We are focused on adding resources, removing barriers, and building capacity,” said MSHDA Chief Executive Officer and Executive Director Amy Hovey. “Through this $35 million partnership with Michigan Saves, MSHDA will become a one-stop shop for developers to apply for and receive funding to support their projects. This will streamline the process and allow developers to combine multiple funding sources through MSHDA, helping them complete their deals more efficiently.”
Through this agreement, MSHDA will manage the distribution of funds to eligible housing projects. Each project can receive up to $4,380,750 to meet help meet energy efficient program measures.
“By building and rehabilitating homes in a smarter and more efficient way, renters will have the benefit of living in higher-quality units and saving money on their monthly energy bills,” Hovey said.
The board also approved $4 million in MSHDA funding for the rehabilitation of Old Mill Pond Apartments in Jackson County and $2.6 million in funding for the rehabilitation of Westbury Apartments in Allegan County.
As a result of this month’s board action, MI Neighborhood has reserved $47.1 million in grants statewide to support 1,297 units of housing since its launch in April 2024.
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