Buchanan gets state housing grant
Published 7:11 pm Friday, July 9, 2004
LANSING -- Gov. Jennifer M. Granholm today announced more than $2.7 million in Community Development Block Grant (CDBG) funding to help create 77 housing units in nine Michigan downtowns and central business districts.
The grants are being made available through a partnership between the Michigan Economic Development Corp. (MEDC) and the Michigan State Housing Development Authority (MSHDA).
A total of 10 grants were awarded to the following nine communities and counties: Alma, Buchanan, Cheboygan County, Jonesville, Lapeer, Manistee, Norway, St. Johns and Shiawassee County. Grant applications were reviewed jointly by MEDC and MSHDA staff.
Funding decisions were based primarily upon the project's impact on the overall revitalization efforts of the community and the demonstrated commitment of the community to downtown redevelopment.
The grants require 25 percent in matching funds and must meet CDBG eligibility requirements.
MEDC administers the state's CDBG program with funds received from the U.S. Department of Housing and Urban Development.
These funds are used to provide grants to eligible counties, cities, villages and townships -- typically those with populations less than 50,000 -- for economic development, community development and housing projects.
MEDC, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life.
For more information on MEDC initiatives and programs, visit the Web site at www.michigan.org.
MSHDA is a quasi-state agency that provides financial and technical assistance through public and private partnerships to create and preserve decent, affordable housing for low- and moderate-income Michigan residents. Loans and operating expenses are financed through the sale of tax-exempt bonds and taxable bonds and notes to private investors, not from state tax revenues.
Buchanan will receive $243,900 for rehabilitation of 12 rental units in mixed-use buildings along Front St.