What’s happening: A new partnership has been been forged between a state agency and a nonprofit bank that should result in more affordable housing – and more
sustainable affordable housing at that. A $35 million fund will be made available to developers looking to complement their rental housing projects with energy efficient upgrades.
What it is: The Michigan State Housing Development Authority (MSHDA) has announced a new partnership with the
Michigan Saves nonprofit bank. The partnership leverages $35 million in funding from the Coalition for Green Capital through the Greenhouse Gas Reduction Fund’s (GGRF) National Clean Investment Fund.
What it does: “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,” says MSHDA Chief Executive Officer and Executive Director Amy Hovey.
How it works: Developers looking to finance the construction and renovation of eligible rental housing projects can receive up to $4,380,750 in funding to help meet energy efficiency measures approved through the program. The program seeks projects that reduce greenhouse gas emissions, largely in low-income and disadvantaged communities.
Why it’s important: “We are focused on adding resources, removing barriers, and building capacity,” says 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.”
Visit Michigan State Housing Development Authority (MSHDA) online to learn more about this and other housing and development programs.
Got a development news story to share? Email MJ Galbraith here or send him a tweet @mikegalbraith.
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