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Monday, 6 October, 2008 9:37 PM

Governor Granholm Announces Michigan Housing and Community Development Fund Grants

18 Organizations Receive Funds from MSHDA for Developing Vibrant Cities, Towns and Villages

Photo credit: www.michigan.gov

Michigan Governor Jennifer Granholm

 

LANSING, Mich. -- Governor Jennifer M. Granholm today announced that grants totaling $2,168,400 have been awarded to 18 nonprofit organizations through the Michigan State Housing Development Authority (MSHDA) from the newly funded Michigan Housing and Community Development Fund (MHCDF). The grants support Gov. Granholm's Vibrant Cities Initiative and will provide affordable housing opportunities while helping transform the Michigan economy by improving the quality of life in cities, towns and villages across the state.

"Our vision is to provide affordable housing opportunities for all while transforming the Michigan economy. These grants are helping to make that vision a reality," Gov. Granholm said. "MSHDA's program is a core piece of our economic strategy and will advance the quality of life in Michigan's cities, towns and villages, making them healthy, strong and vibrant."

According to MSHDA Executive Director Keith Molin, the purpose of the MHCDF is to direct and coordinate public and private resources to affordable housing needs, including affordable and supportive housing options as well as assistance for the homeless.

"Seventy-four applicants responded to this first round of requests for proposals. We were able to fund 18 that represent a wide variety of improvements in both urban and rural communities," Molin said. "Each of these 18 awards will help residents gain a stronger sense of control over the future destiny of their own cities and neighborhoods."
One of the most noteworthy advantages the MHCDF provides is the ability to leverage millions of dollars in additional private and public investment.

"These grants will leverage nearly $15 million in additional investment in cities, towns and villages across the state," Molin said. "The Program is endorsed by more than 25 statewide trade organizations representing more than 5,000 members and MSHDA is thrilled to be playing a key role in a mission so critical to Michigan's economic recovery."

Molin added that recent changes to the MHCDF will help finance downtown and neighborhood improvements; affordable and market rate housing for young people, knowledge workers, immigrants, early retirees, and people with low and moderate incomes; and supportive housing for the homeless and people with disabilities.

"These grants and the progress they represent are just one more way that MSHDA is striving to bring about the New Michigan," Molin said. "A New Michigan known for vibrant cities populated by vibrant people."

MSHDA is a quasi-state agency that provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in building vibrant cities and neighborhoods, and address homeless issues. MSHDA's loans and operating expenses are financed through the sale of tax-exempt and taxable bonds and notes to private investors, not from state tax revenues. For more information on MSHDA programs and initiatives, visit the Web site at www.michigan.gov/mshda.

Source: Michigan State Housing Development Authority

 

 

 

 

 

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