Friday, July 09, 2004
Paul Krepps, MEDC
MEDC and MSHDA Partner to Promote Redevelopment
Governor Jennifer M. Granholm today announced more than $2.7 million in Community Development Block Grant funding to help create 77 housing units in nine Michigan downtowns and central business districts. The grants are being made available through a partnership between the Michigan Economic Development Corporation (MEDC) and the Michigan State Housing Development Authority (MSHDA).
"Housing is a vital component of successful downtown economic revitalization," Granholm said. "Providing attractive housing choices will bring more residents to the heart of these communities, driving economic development and helping small businesses thrive."
A total of ten grants were awarded to the following nine communities and counties: Alma, Buchanan, Cheboygan County, Jonesville, Lapeer, Manistee, Norway, St. Johns and Shiawassee County. The grant applications were reviewed jointly by MEDC and MSHDA staff.
"Working with MSHDA on these projects makes good sense," said MEDC President and CEO Don Jakeway. "By applying our resources to common goals, we can make the best use out of the funding available to create jobs and investment in the heart of these communities."
Funding decisions were based primarily upon the project's impact on the overall revitalization efforts of the community and the demonstrated commitment of the community to downtown redevelopment. The grants require 25 percent in matching funds and must meet CDBG eligibility requirements. Detailed information on the grants is attached.
"This is just one more example of government agencies working together for the benefit of Michigan residents," said MSHDA Acting Executive Director Rick Laber. "Improving housing will encourage job opportunities, stimulate the economy, and excite the pride people feel for their communities."
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life.
MSHDA is a quasi-state agency that provides financial and technical assistance through public and private partnerships to create and preserve decent, affordable housing for low- and moderate-income Michigan residents. Loans and operating expenses are financed through the sale of tax-exempt bonds and taxable bonds and notes to private investors, not from state tax revenues.
|Community/County||Grant Amount||Project Description|
|$200,002||Rehabilitation of four single-family homes adjacent to downtown|
|Buchanan||$243,900||Rehabilitation of 12 rental units in mixed-use buildings along Front Street|
|$353,600||Creation of 10 housing units in vacant storage space above commercial buildings downtown|
|Jonesville||$365,800||Rehabilitation of 10 rental units in historic downtown|
|Lapeer||$182,900||Creation of 6 apartments in mixed-use buildings downtown|
|Lapeer||$375,000||Rehabilitation of the Lapeer Arts Center to include three rental units|
|Manistee||$243,900||Creation of eight apartments in mixed-use buildings in the central business district|
|Norway||$212,493||Creation of seven units in downtown|
|St. Johns||$449,000||Creation of 12 rental units in mixed use buildings in downtown|
|Shiawassee County||$110,295||Rehabilitation of five rental units in downtown Owosso|