LANSING, Mich., July 25, 2014 /PRNewswire-USNewswire/ -- The Community Development Division (CDD) of the Michigan State Housing Development Authority (MSHDA) has announced six recipients will receive Neighborhood Stabilization Program 2 (NSP2) funding income. The $2.55 million awarded in the first funding round will help finance blight demolition and senior housing projects in Berrien, Calhoun, Genesee, Ingham and Kalamazoo counties.
"Blight has been undermining the urban cores in these counties for too long," MSHDA Executive Director Scott Woosley said. "These resources will help further stabilize neighborhoods by eliminating some of the vacant and abandoned properties that drive down housing values and lead to crime and disinvestment. It's a first step toward the restoration process."
Not all program income is going toward demolition, Woosley said. Almost $1.5 million is going to create senior housing within the city of Kalamazoo's Prairie Gardens Development.
"As our senior population lives longer and stronger, we want to make sure communities have an ample supply of housing to meet their needs."
Woosley said another funding round could be announced as early as August.
First round recipients:
City of Battle Creek/Calhoun County Land Bank Authority: $264,990, for the demolition of 24 single-family residential blighted structures. Contacts: Battle Creek, Chris Lussier, 269.966.3267 and Calhoun County Land Bank Authority, Krista Trout-Edwards, 269.781.0859.
City of Kalamazoo: $181,500, for the demolition of 19 single-family residential blighted structures. Contact: Julie Johnston, 269.337.8210.
Berrien County Land Bank Authority: $119,000, for the demolition of 12 single-family residential blighted properties. Contact: Katie Montoya, 269.983.7111.
Genesee County Land Bank Authority: $396,440, for the demolition of 34 single-family residential blighted structures. Contact: Doug Weiland, 810.766.7436.
Ingham County Land Bank Authority: $155,540, for the demolition of eight single-family residential blighted structures and the deconstruction of four single-family residential blighted properties. Contact: Jeff Burdick, 517.267.5221.
Kalamazoo County Land Bank Authority: $1,429,310, for the creation of 10 additional units of senior housing within the city of Kalamazoo's Prairie Gardens Development. Contact: Mary Balkema, 269.384.8134.
These funding efforts demonstrate MSHDA's commitment to placemaking, and the role it plays in building a thriving future for Michigan through programs that help create places where people want to live and work. CDD supports affordable housing and vibrant places by providing financial resources and technical assistance training to local and statewide partners.
The Michigan State Housing Development Authority (MSHDA) provides financial and technical assistance through public and private partnerships to create and preserve decent, affordable housing for low- and moderate-income residents and to engage in community economic development activities to revitalize urban and rural communities.*
*MSHDA's loans and operating expenses are financed through the sale of tax-exempt and taxable bonds as well as notes to private investors, not from state tax revenues. Proceeds are loaned at below-market interest rates to developers of rental housing, and help fund mortgages and home improvement loans. MSHDA also administers several federal housing programs. For more information, visit www.michigan.gov/mshda.
SOURCE Michigan State Housing Development Authority