Loft, townhome projects get $.5 million in brownfield tax credits
Townhomes in a West Side neighborhood and lofts in a neighborhood near Indian Village were awarded brownfield tax credits recently totaling more than $500,000 recently.
Excerpts from the article:
The projects are expected to attract more than $6.2 million in private investment with the help of state brownfield Single Business Tax credits approved by the Michigan Economic Development Corporation.
The projects are:
• English Village Lofts will invest more than $4 million to redevelop the now- vacant St. Charles School into a 21-unit condominium complex. The developer will use a tax credit valued at $200,000 to reconfigure the interior of the building and build an additional story. The city will assist the project through a Neighborhood Enterprise Zone designation which offers significant local tax savings to the developer.
• West Town Homes I, a partnership between the Community Planning Association and the Urban Entity Group, will use a tax credit valued at $326,600 to revitalize blighted clusters of properties in a neighborhood located near Greenfield Road and Tireman Street. The developer plans to invest more than $3.2 million to build 23 single-family homes. The city has designated the area a Neighborhood Enterprise Zone and offered a $1.4 million grant.
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