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GOVERNOR ANNOUNCES $8 MILLION IN FUNDING FROM MSHDA'S COMMUNITY ASSISTANCE TEAM AVAILABLE TO MICHIGAN DOWNTOWNS FOR IMPROVEMENT PROJECTS IN 2007Agency: State Housing Development Authority
GOVERNOR ANNOUNCES $8 MILLION IN FUNDING FROM MSHDA’S COMMUNITY ASSISTANCE TEAM AVAILABLE TO MICHIGAN DOWNTOWNS FOR IMPROVEMENT PROJECTS IN 2007
LANSING – Governor Jennifer M. Granholm today announced that approximately $8 million in federal Community Development Block Grant (CDBG) funding is available to Michigan downtowns throughout the state. Communities are encouraged to submit letters of intent to compete for the first round of funding. Notice of intent must be received in the Michigan State Housing Development Authority’s (MSHDA) Community Assistance Team (CATeam) office by 5:00 p.m. on March 30, 2007.
This funding is part of community development and revitalization efforts that are key to building strong economic stability in Michigan communities and downtowns.
“Thriving communities are a critical part of our comprehensive economic plan,” Gov. Granholm said. “This funding will help create new economic development in these downtowns that will help attract jobs, growth and people.”
The funding, made available through the Michigan State Housing Development Authority and administered by MSHDA’s CATeam, will be used for downtown improvement projects designed to financially assist communities that have targeted key downtown properties in need of exterior improvements.
There are several downtown programs available through CDBG funding to achieve these goals. They are: Façade Improvement Initiative, Signature Building Acquisition Initiative, Public Infrastructure Program, Planning/Marketing Program and the Blueprints and Main Street Programs. These programs are intended to stimulate private investments including building and housing renovations and job creation within Michigan’s traditional downtown areas.
“We distributed nearly $5.4 million dollars to 34 different communities in 2006, which made a huge impact around the state” said Michael R. DeVos, MSHDA executive director. “We are happy to be distributing $8 million over the next year to make a larger economic impact, and continue to improve Michigan’s downtowns.”
Overall, the 2006 projects are anticipated to leverage an additional $13.9 million in local/private investment and create over 142 full time jobs in downtowns throughout the state.
For additional information on the programs being offered by the MSHDA CATeam, please visit their Web site at: www.michigan.gov/mshda and select Downtown Developers on the right hand navigation menu.
MSHDA is a quasi-state agency that provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in community economic development activities, and address homeless issues. MSHDA’s loans and operating expenses are financed through the sale of tax-exempt and taxable bonds and notes to private investors, not from state tax revenues. For more information on MSHDA programs and initiatives, visit the Web site at www.michigan.gov/mshda.
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