MSF Board approves measures for affordable housing, public infrastructure improvements across the state

LANSING, Mich. – Today, the Michigan Economic Development Corporation (MEDC) announced Michigan Strategic Fund (MSF) Board approval for projects and amendments that support affordable housing, public infrastructure improvements and community gathering spaces throughout Michigan.

“By investing in affordable homes, resilient infrastructure, and dynamic public spaces, we are helping communities thrive,” said Governor Gretchen Whitmer. “These approvals reflect our continued commitment to meeting local needs and making sure that everyone has the foundation to succeed. Let’s keep working together to foster inclusive growth and build more opportunities for Michiganders to live, work, and play in vibrant communities.” 

“From expanding access to affordable housing to investing in critical public infrastructure improvements, today’s projects reflect Team Michigan’s commitment to strengthening communities and supporting long-term growth across Michigan,” said Quentin L. Messer, Jr., CEO of the MEDC and MSF Board Chair. “These investments help address community needs and improve quality of life. I thank Governor Whitmer, the members of the Michigan Strategic Fund Board, the MEDC staff, the Michigan Legislature, and our partners for their continued collaboration in advancing economic development and supporting projects that make a meaningful difference in the lives of Michiganders.”

Among the projects approved at the October MSF meeting include:

• The North End Landing redevelopment project in Detroit (Wayne County), which will construct 177 residential units to provide affordable housing options near several major institutions, including the Detroit Medical Center, Wayne State University, the College for Creative Studies, and more. The MSF Board approved an Act 381 Work Plan, with state tax capture for Act 381 eligible activities capped at $3,000,579.
• An amendment to the $22.5 million Attainable Housing Initiative loan from the Investment Fund for Michigan Community Capital to implement a forgiveness schedule to increase and extend the attainable housing requirements. The amendment would require 100% of the units MCC still owns to remain below 120% of AMI for 15 years. This measure will increase the number of required affordable units from 36 to 178, adding to the inventory of affordable housing in the state. In exchange, the MSF will forgive $1 million of the loan balance each year from 2027 through 2041 if the requirements are met, while MCC will repay the remaining balance at maturity.
• The Parks and Resilient Communities (PARC) program, a new program utilizing up to $15 million in Community Development Block Grant funds to renovate local parks and gathering spaces. Eligible projects include new playground facilities, play water features, pavilions, construction or expansion of restrooms, ADA accommodations, and other public infrastructure improvements, improving neighborhood well-being and social connection. Applicants can apply for $500,000 to $1 million per project. Applications are due electronically by Feb. 12, 2027, and all projects must be completed by Dec. 31, 2028.

Additionally, the MSF Board approved amendments to guidelines for two of the MEDC’s programs: the Brownfield Site Investment Program (BSIP) and Michigan Innovate Capital Fund (MICF). The amended guidelines for BSIP will include the addition of grant awards in conjunction with loan incentive awards and establish a minimum award of $50,000, to clarify program eligibility for smaller projects, along with a maximum award of $1 million to assist as many potential sites as possible. The amended MICF guidelines will allow financing terms to better reflect the underlying repayment source, borrower circumstances, and risk profile and clarify maximum loan maturity requirements. These updates aim to provide greater flexibility for early-stage companies in administering purchase order financing, while keeping repayment safeguards in place. 

About Michigan Economic Development Corporation (MEDC)

The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org. Join the conversation on: Facebook, Instagram, LinkedIn, and Threads.