Three proposed Grand Rapids developments have received more than $2.7 million in federal tax credits for the creation of affordable housing units.

Proposals from two Grand Rapids-based nonprofit real estate developers — Inner City Christian Federation and Dwelling Place of Grand Rapids — as well as an affordable housing development proposed by Westerville, Ohio-based The Woda Group Inc. were successful in securing Low Income Housing Tax Credits (LIHTC), according to an announcement on Friday morning.

The three projects are expected to bring 113 housing units to the northwest and southeast quadrants of the city at a time when housing affordability is a prime concern for many developers and city stakeholders, as MiBiz previously reported.

LIHTC –– which is administered by the Michigan State House Development Authority (MSHDA), the state agency that oversees housing policy in Michigan –– functions as a popular financing mechanism for the development of affordable housing around the country.