Big Rapids Affordable Housing Complex Gets Low-Income Housing Tax Credits for Renovations
The need for affordable housing in northern Michigan is ongoing, and an apartment complex in Big Rapids recently received Low-Income Housing Tax Credits from the Michigan State Housing Development Authority to continue their business.
“We have a big waiting list here downtown for these apartments,” said Mark Sochocki, Executive Director for the Big Rapids Housing Commission. “It’s a big need.”
The goal of these tax credits is to provide a way to preserve affordable housing, or build new properties.
“Without the tax credits and the renovations made possible by the tax credits, some folks get out of the affordable housing business because there’s no money to rehab based on the revenue that’s collected,” said Sochocki. “This is huge. This is great news for big rapids and our community.”
The big rapids housing commission has 400 units of affordable housing within the city. The last updates the Nisbett Fairman Residences had was in 2003.