Michigan Strategic Fund Approves Projects to Boost Housing and Infrastructure

Michigan Boosts Development Efforts with Key Approvals for Housing and Infrastructure

LANSING, Mich. – In a bid to enhance Michigan’s community development, the Michigan Economic Development Corporation (MEDC) has secured Michigan Strategic Fund (MSF) Board’s approval for several significant projects. These projects focus on affordable housing, infrastructure improvements, and the creation of vibrant public spaces across the state.

Governor Gretchen Whitmer emphasized the importance of these initiatives, stating, “By investing in affordable homes, resilient infrastructure, and dynamic public spaces, we are helping communities thrive. These approvals reflect our continued commitment to meeting local needs and making sure that everyone has the foundation to succeed.”

Quentin L. Messer, Jr., CEO of the MEDC and MSF Board Chair, highlighted the long-term growth potential, stating, “From expanding access to affordable housing to investing in critical public infrastructure improvements, today’s projects reflect Team Michigan’s commitment to strengthening communities.”

Key Projects and Initiatives

The MSF Board’s recent meeting saw approval of several noteworthy projects:

The North End Landing redevelopment project in Detroit aims to construct 177 residential units, offering affordable housing near key institutions such as the Detroit Medical Center and Wayne State University. The project benefits from an Act 381 Work Plan with state tax capture capped at $3,000,579.
The Attainable Housing Initiative loan from the Investment Fund, originally $22.5 million, received an amendment to introduce a forgiveness schedule, necessitating that all units owned by Michigan Community Capital remain below 120% of AMI for 15 years. This amendment will potentially increase affordable units from 36 to 178, with $1 million of the loan balance forgiven annually if conditions are met.
The Parks and Resilient Communities (PARC) program will utilize up to $15 million in Community Development Block Grant funds to enhance local parks. This includes new playgrounds, water features, and ADA accommodations. Projects can receive up to $1 million, with applications due by February 12, 2027, and completion by December 31, 2028.

Moreover, the MSF Board has revised guidelines for two existing MEDC programs. Changes to the Brownfield Site Investment Program (BSIP) include integrating grant awards with loan incentives and setting award limits between $50,000 and $1 million. Adjustments to the Michigan Innovate Capital Fund (MICF) aim to better align financing terms with borrower needs while maintaining repayment safeguards, offering more flexibility for early-stage companies.