The Michigan State Housing Development Authority announced a $35 million partnership Thursday to help renovate rental housing in the state.
Nonprofit bank, Michigan Saves, is teaming up with MSHDA for the initiative.
The program aims to improve the quality and energy efficiency of affordable rental housing, while also building new rental housing.
MSHDA Spokesperson Josh Pugh said the energy efficiency improvements will go a long way towards reducing the carbon footprint of these housing complexes.
Though, he added the benefits of the partnership won't stop there.
“We're going to be saving them money on their monthly utility bills, whether that's through insulation or improvements to the roof or in some cases, even installing solar as part of the project," Pugh said. "All these efficiencies are going to help bring down costs in addition to that monthly affordable rent."
But while $35 million may seem like a lot, Pugh said the partnership will only be able to fund so many projects, making the grants highly competitive.
He added he hopes the program, or another like it, will continue on after its pool of money dries up.
“We are hopeful that this is going to prove to be successful and then it's going to turn into a long-term partnership that's not just going to stop at that 35 million.”
According to Pugh, MSHDA is accepting applications, and expects to announce recipients in the coming weeks.
MSHDA also approved over $6 Million for the remodeling of apartments in Allegan and Jackson counties.
Like the partnership, these projects include making the facilities more energy efficient.
Michael Symonds reports for WMUK through the Report for America national service program.
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