Venture, Inc. Celebrates LIHTC Tax Credit Award for an Affordable Housing Project

Owosso, Mich., April 9, 2024 – Venture, Inc., the Lead Developer of the Riverview Flats project, is thrilled to announce the receipt of newly awarded Low-Income Housing Tax Credits (LIHTC) for Riverview Flats, an adaptive reuse of the building formerly used as the Owosso Middle School. This significant milestone marks a pivotal moment in the development of affordable housing and economic development within the community.

Low-Income Housing Tax Credits (LIHTCs) are federal tax credits managed by the Michigan State Housing Development Authority (MSHDA). After a competitive application process, the selected awardees can apply these tax credits to their annual tax liability for up to 10 years. This MSHDA LIHTC award for the Riverview Flats project highlights their commitment to addressing the critical need for affordable housing in the region.

In response to the impactful news of Venture, Inc. receiving the LIHTC award from MSHDA, the Mayor of the City of Owosso, Robert J. Teich Jr., expressed: “I want to personally congratulate Venture, Inc. on this award. Due to Venture’s continued commitment to the community, more affordable housing options will be available for the residents of Owosso and to those who want to make Owosso their new home.”

The Riverview Flats project is a collaborative effort among several key partners, including Venture, Inc., Capital Area Community Services, Cove Investments, Owosso Public Schools, the City of Owosso, Shiawassee Council on Aging, and Shiawassee Economic Development Partnership. Together, these entities are dedicated to enhancing the quality of life and promoting economic prosperity within the Owosso community.

“We are honored to receive this LIHTC award from MSHDA for the Riverview Flats project,” said Brad Michaud, President of Venture, Inc. “This development is a testament to our commitment of providing affordable housing solutions and creating local jobs with the dedicated partnership of all involved stakeholders.”

Proposed team members for the Riverview Flats project include Hooker DeJong Architects, Inc., Rohde Construction as the General Contractor, and Kristine Kidorf as the Historic Preservation Consultant. Key milestones are outlined in the project timeline, including requested MSHDA clarifications and commitments, formal reservation contract issuance, design approvals, construction bidding, and state/federal historic preservation office reviews. The anticipated project completion is 6 to 8 months after the reservation, with allotment for extensions due to its historic nature.

Venture, Inc. looks forward to working closely with its partners and the community to bring the Riverview Flats project to fruition, providing affordable housing options for the residents of Owosso and beyond.

For further inquiries on the Riverview Flats project, please contact Brad Michaud, Venture, Inc., at bradm@olhsa.org.