LANSING, Mich. (WXYZ) — The Michigan State Housing Development Authority (MSHDA) has approved new policies and procedures for the Low-Income Housing Tax Credit(LIHTC) program. The amendment approved from the 2022-2023 Qualified Allocation Plansupports the rehabilitation and construction of affordable housing in the state. According to the MHSDA press release, the approved amendment modified the QAP from July and has two key objectives. The objectives were to prioritize resources for existing projects and allocate an additional 9% of LIHTC resources for projects that had previously received an award in credit.
MSHDA Rental Development Director Chad Benson says in the release, ”Our stakeholders have been very supportive of the amendment, which is a much-needed step designed to keep affordable housing development moving and fill the funding gaps created by increased construction cost and supply chain issues that are out of their control.”
The press release states that the now amended QAP will go to the Governor for signing, and additional credit funding will follow next month.