The Michigan State Housing Development Authority has awarded low-income housing tax credits to five projects in Detroit that would attract more than $100 million in new investment and create or preserve 536 housing units.

The 9 percent low-income housing tax credits (LIHTC) will subsidize the construction of 235 housing units in Detroit, 218 of which will be reserved for individuals earning between $16,050 and $42,800 annually, according to a news release from Mayor Mike Duggan's office. The other 318 are already classified as affordable, but will have their comparatively low rents extended for another 45 years.

The tax credits will go toward subsidizing housing projects in areas of the city where rents have been steadily rising in market-rate apartments and condos: Midtown, East Jefferson's Riverfront, Milwaukee Junction and Brush Park.

"We are making sure that people of all incomes can live in all areas of the city," Duggan said.

The mayor and Gov. Gretchen Whitmer announced the low-income housing tax credit awards Monday outside of the Orchestra Place Place Apartments, an 82-unit senior housing apartment building in Midtown that is getting a $887,876 low-income housing tax credit. Southfield-based Larc Community Development Group recently purchased the building for an undisclosed amount and is planning a $21 million renovation, company CEO Larry Tisdale said.

Among selected projects is a $27.3 million, 150-unit building planned for vacant, east-side riverfront land by Novi-based Ginosko Development Co. It is receiving approximately $1.78 million through the state program. The unnamed development at 7850 E. Jefferson Ave. will have two phases of 75 units each built in tandem on a slice of land between the River Tower Apartments and the United Auto Workers' federal credit union, said Amin Irving, owner of Ginosko Development Co.

Irving said the project "wouldn't be done" without the tax credits to bridge construction financing.

Construction is expected to begin in the first quarter of 2020 and take 15 months to complete, Irving said.

Ginosko is also leading redevelopment of the former Shapero Hall site in Lafayette Park for condos and apartments.

Other Detroit recipients are: