MSDHA Takes Steps to Support LIHTC Investments

A new program encouraging local banks and other financial groups to support the development of low-income housing tax credit investments was unveiled by the Michigan State Housing Development Authority. The creation of the Michigan Affordable Housing Investment Fund allows the MSHDA to deposit up to $250,000 with any state-regulated financial institution that makes a new investment in an LIHTC property related to a MSHDA-financed program. The new program runs through December 31, 2010.

An investment in either the 4 percent or 9 percent LIHTC program will be eligible for MSHDA deposits.