Commonwealth Receives Its First LIHTC Award in Michigan for Edge Flats on Seward

Category: Development, News, Uncategorized

The state of Michigan has approved $5.9 million in low-income housing tax credits for six projects scattered throughout the city.

“These projects are critical to our community’s efforts to ensure availability of quality affordable housing in our city,” Connie Bohatch, the city of Grand Rapids’ managing director of community services, said in a statement. “We are grateful our partners at MSHDA for recognizing their importance and for supporting this work.”

Commonwealth Companies is excited to break ground in Michigan and be a part of this effort.

The Edge Flats on Seward will be a 34-unit apartment building that will built on Seward Avenue NW, between California and Veto streets. The MSHDA awarded $812,627 tax credits for this project. Units in the $9 million apartment building will be reserved for residents with a range of income levels:

  • Seven units will be reserved for tenants with up to 30 percent of area median income,
  • Five units will be reserved for tenants who earn up to 40 percent of area median income,
  • Eleven units will be reserved for tenants who earn up to 60 percent of area median income,
  • And another 11 units will be reserved for tenants who earn up to 80 percent of area median income.

The building is expected to open in summer 2020 and will include a mix of one- and two-bedroom units. The site is in walking distance to a number of amenities including downtown Grand Rapids. It is also less than 1/10 of a mile from several bus stops and located across the street from Grand Valley State Universities’ downtown campus.

Source: Reposted from Michigan Live.