Co-developers Genesis Non-Profit Housing Corp., Little River Holdings LLC, and Dwelling Place were awarded $14 million in low-income housing tax credits (LIHTCs) in August to help finance the Leonard Apartments, a 55-apartment senior housing property that will open in mid-2025. Difficulties with the plans—which originally included preserving an aging funeral home and building just 38 affordable apartments—created challenges the first two times the developers applied for LIHTCs. However, the delay was a blessing in disguise.
Developers Try, Try, Succeed in Landing LIHTCs for Senior Affordable Housing Property in Grand Rapids, Michigan
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