How tax credits have spurred residential growth in Grand Rapids, Mich.

01/7/2013 | MiBiz (Michigan)

Low Income Housing Tax Credits have financed many of the residential construction projects in downtown Grand Rapids, Mich., over the past five years. State officials say the city is one of the most successful markets for low-income housing in the U.S., as a result of developers' leveraging the credits. Some observers, however, say Grand Rapids developers are over-reliant on the tax credits and that the city needs more market-rate housing and new commercial developments.

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