Traverse City To Receive Nearly $994,000 to Build 23 Affordable Apartments
Traverse City is among eight other Michigan cities receiving a total of $13 million to help build 529 affordable apartments, homes and housing units across the state, Gov. Gretchen Whitmer announced Wednesday.
“Michigan should always be a place where everyone can afford to live, work, and raise a family. As rent and home prices increase across the country, we are moving forward with an aggressive plan here in Michigan to build more quality affordable housing. This will help put money back in people’s pockets, and give them a place to call home,” said Governor Whitmer.
Through the federal Low Income Housing Tax Credit program, developers that receive funding can claim credits against their tax liability annually for up to 10 years. The current round of funding will help create or preserve 561 units, including market rate apartments.
Traverse City will receive $993,861 from the state to build 23 affordable units inside Parkview Apartments.
A full list of developments can be found below: