HOUSING + MIXED USE
MSHDA MISSING-MIDDLE HOUSING PROGRAM
REVITALIZATION AND PLACEMAKING (RAP) PROGRAM
TRANSFORMATIONAL BROWNFIELD PLAN (TBP)
BUILD MI COMMUNITY PROGRAM
TBP-based projects must have a transformational impact on local economic development and community revitalization. The plan must be either a mixed-use development project with planned integration of some combination of retail, office, and residential. A TBP allows for the capture of five sources of tax revenues associated with a project. The available tax revenues include the following: 1. Construction Period Income Tax
MSHDA’s Missing-Middle Housing Program is designed to address the lack of attainable housing, particularly for households in the 60–120% area median income range, by offering grants to help defray the cost of construction for both rental and single-family homes.
The Revitalization and Placemaking program provides access to gap financing for place-based infrastructure development, real estate rehabilitation and development, and public space improvements. Eligible applicants are individuals or entities working to rehabilitate vacant, underutilized, blighted and historic structures and the development of permanent place-based infrastructure associated with traditional downtowns, social-zones, outdoor dining and placed-based public spaces.
The Build MI Community Grant is an initiative designed to promote private investment in Michigan communities. Administered by the Michigan Economic Development Corporation (MEDC) on behalf of the Michigan Strategic Fund (MSF), this tool provides access to real estate development gap financing and technical assistance for small scale, incremental redevelopment projects. The program was also established to re-activate underutilized or vacant space into vibrant areas by promoting capital investment. Through the Build MI Community Initiative, emerging developers and newer property owners gain knowledge, tools, and information about the development process to set them up for more complex projects in the future.
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MSHDA EMPLOYER-ASSISTED HOUSING FUND
2. Property Tax Capture 3. Income Tax Capture 4. Withholding Tax Capture 5. Sales and Use Tax Capture Revenues
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MSHDA’s Employer-Assisted Housing Fund is designed to help employers invest in housing solutions for income-eligible households. Employers that contribute matching funds—whether through cash investments, land donation, a below-market interest loan, or some combination thereof —may qualify for resources through the fund to help develop new housing options. In return, rental housing must remain affordable for at least 10 years and for-sale housing must remain affordable for five years— ensuring long-term impact.
MICHIGAN COMMUNITY REVITALIZATION PROGRAM (MCRP) 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.
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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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MSHDA HOUSING TIF
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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25 DEVELOPMENT INCENTIVES
DEVELOPMENT INCENTIVES 26
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