LANSING, Mich., July 18, 2012 /PRNewswire-USNewswire/ -- Michigan State Housing Development Authority (MSHDA) Executive Director Gary Heidel announced $450,000 for homeowner rehabilitation to Kent County Habitat for Humanity. The funding for this project is available through the HOME Community Development grant and administered by MSHDA's office of Community Development.
"The pride of Michigan is represented by each of our communities," said Heidel. "The funding provided through these grants will allow organizations like the Kent County Habitat for Humanity to grow and thrive and create new economic and job opportunities."
"Allocated HOME funds will build on the motivation, creativity, and self-respect of business owners and residents who have already started on the course of self-improvement, said Ivor Thomas, Director of Land Acquisition and Community Development for Kent County Habitat for Humanity. "With the commitment of long-standing stakeholders and newly identified partners, invested resources will yield exponential returns positively affecting neighborhood, city, county, and the state of Michigan."
Kent County Habitat for Humanity will use the grant funds for homebuyer rehabilitation and new construction. Habitat for Humanity will newly construct and rehabilitate a total of six homes within the Wealthy Heights Neighborhood location in the city of Grand Rapids in Kent County.
The HOME Program allocates HOME Investment Partnerships Grants to states and units of general local government to implement local housing strategies designed to increase homeownership and affordable housing opportunities for low and very low-income Americans. Eligible uses of funds include tenant-based rental assistance; housing rehabilitation; assistance to homebuyers; and new construction of housing.
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