HOUSING + MIXED USE
Housing + Mixed Use Incentives
MSHDA HOUSING TIF
The Michigan Community Revitalization Program (MCRP) is an incentive program to promote private investment in Michigan communities. This tool provides Michigan communities with access to real estate development gap financing for innovative and/or impactful placemaking, historical redevelopment and/or job growth in targeted sectors. The MSF may provide support for a project in the form of a grant, direct loan or other economic assistance such as a loan participation or equity investment. All awards shall be performance-based. The focus of the MCRP is to transform underutilized properties into vibrant areas by encouraging and promoting capital investment and the redevelopment of brownfield and historic properties located in or in support of traditional downtowns and high-impact corridors in every region of the state. MICHIGAN COMMUNITY REVITALIZATION PROGRAM (MCRP)
When a housing development is built, property taxes are often increased as a result of the improvements. Tax Increment Financing (TIF) is a way of capturing a portion of those increased property taxes and reimbursing them back to the developer to fill a funding gap. The Housing TIF program requires a project to include units targeted at 120% of the area median income to qualify for this funding tool.
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BROWNFIELD TIF
Through the Brownfield Redevelopment Financing Act, Brownfield TIF allows applicable taxing jurisdictions to receive property taxes on the property at the current level and capture the incremental increase in tax revenue resulting from a redevelopment project. Under an MSF approved Work Plan or Combined Plan, projects can seek reimbursement from state and local property taxes for eligible non-environmental activities. Projects can also seek reimbursement from state and local property taxes for eligible environmental activities through submission of a Work Plan or Combined Plan to the Michigan Department of Environment, Great Lakes, and Energy.
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Boston Square Together 1460 Kalamazoo Ave SE
Grand Rapids, MI Photo Credit: Amplify GR
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