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 Up to $10,000 is available to qualified entities to cover costs of certain predevelopment activities for residential development. This initial pilot program will prioritize funding for developments that involve county land banks working on their first housing development project, and on developments involving successful respondents to our recent Request For Qualifications for developers.
"Our goal is to empower communities to kick start local residential development opportunities, especially developments that involve county land banks working on their first housing development project, and on developments involving successful respondents to our recent RFQ for real estate development partners,” said Emily Doerr, State Land Bank Executive Director.
Eligible Applicants
- Local Units of Government (City, Village, Township or County}
- County or City Land Bank
- Must commit to using the SLBA's Housing Loan Program; should applicant not use the land bank's Housing Loan Program, the investment dollars shall be repaid within 12-18 months when a TIF bridge loan is received
Applicants are welcome to bring partners to the project as needed. However, the predevelopment investment funds will be awarded to the local unit of government or land bank. The subsequent Housing Loan will also be made to the local unit of government or land bank.
Parameters
- Single Family, owner-occupied housing
- 25% of units must be sold to households up to 120% AMI
- Utilize an Act 381 Tax Increment Financing (TIF) plan, or demonstrate other means of meeting any gap between sale price and cost to build
Eligible Activities
- Phase I, II, BEA: the investment may be used to complete a Phase I and/or Phase II Environmental Site Assessment or a Baseline Environmental Assessment
- Land acquisition costs
- Architectural fees
- Quiet Title action
- Rezoning process fees
- Brownfield TIF plan preparation
- Market studies
- Abatement and demolition to prepare the land for redevelopment
Visit www.michigan.gov/LandBankPromos to learn more and apply.
Resources
Predevelopment Investment Program Flyer
Predevelopment Investment Program Application
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