HOLLAND, MI (WHTC-AM/FM, Dec. 31, 2023) – The issue of affordable housing is one that spans the nation.
New York City plans to build more affordable housing in its wealthier neighborhoods by using public money for subsidies to housing projects that mixes market rate and affordable units. This is a change to the current policy in which city money is used to subsidize developments with only affordable homes.
In Michigan, state law has been changed to mirror what is being done in Gotham, and earlier this month, Mayor Nathan Bocks and his fellow Holland City Council members unanimously approved an ordinance amendment that adjusted the Payment In Lieu Of Taxes standards to what is now legal in the Great Lakes State.
Bocks says that what could be considered affordable is different for every wage earner.
One of the first projects to take advantage of Holland’s amended PILOT rules will be Magnus Properties’ proposed community off the junction of East 24th Street and Waverly Road, with three quarters of the nearly 200 units going towards those earning 80 percent or less of the Area Mean Income.
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