During its August meeting, the Michigan State Housing Development Authority (MSHDA) Board approved the Michigan Housing Accelerator Fund, a new resource to expand affordable housing through investment in the development of mixed-income units.
The Michigan Housing Accelerator Fund will provide financing options to assist in the development of mixed-income projects by bridging financing gaps through a combination of Authority funding sources that provide lower costs of capital and require a commitment to affordability. Through this new tool, more affordable housing units will be produced in addition to units already being created or preserved annually through Low-Income Housing Tax Credits and other existing affordable housing resources. All projects using the Fund will require board approval prior to closing. Many projects currently in MSHDA’s pipeline will qualify for this new funding source, and it is anticipated funding will be allocated quickly.
For more information, click here.
