West Side affordable housing project picks up $562K
A mixed-use development planned for the West Side has been awarded tax credits from the state.
The Michigan State Housing Development Authority said yesterday that PK Development Group was awarded $562,466 in Low-Income Housing Tax Credits, or LIHTC, for its $7.4-million project in Grand Rapids, on the corner of Leonard Street NW and Alpine Avenue NW.
The project would feature 36 mixed-income rental units, with 26 being affordable housing units and eight being market-rate units.
The aptly named Leo and Al development would also feature about 3,000 square feet of retail space.
Grand Rapids-based Third Coast Development is a partner on the project.
"The LIHTC Program is a public-private partnership that allows developers to renovate and construct quality, affordable housing,” said Kevin Elsenheimer, executive director, Michigan State Housing Development Authority. “This program is essential to meeting the housing needs of families, seniors and special needs populations with low or fixed incomes.”