Not sure if this forum will get the most responses, but here goes:

Ive been working with some successful investors in Michigan for a few months now. They've done ~80 rehabs/flips in the past three years. They're looking to expand. Last week we heard there was openings at a local low income housing complex that collected over 10,000 applications. That got us thinking. We'd like to eventually build a large scale complex- and we'd like to use the government's money to do it.

So there's the question- has anybody ever gotten any government grants, loans... gifts to build and operate and apartment complexes, buildings, etc? With all the aid (and NEED) for assistance in MI, there's bound to be programs out there.

Does this money exist?
Who gives it out?
Who should we call for information?

We've got some idea, but I'd really like to get some feedback from the group!

Very interesting topic. I would like to learn more about this as well:)

I've heard that some places in MI where there is a need for low cost housing there are a lot of vacant properties. The tax rates are so high that rents wouldn't be enough to cover the monthly tax payments so investors won't buy the vacant properties at any price.

Same in Atlanta. Number one in the nation for mortgage fraud or we used to be.

Houses that sold for 220k with a fraudulent investor,purchaser,and appraiser that were never truly rehabbed but just LIPSTICKED. The investor made a killing and the buyer refied out and let foreclose.

Now these homes are going for 15,000 but the problem is high crime with too many vacant houses so you can't get good tenants and the taxes are about 4,000 on overinflated values. The city doesn't want to reduce the assesment as they want to stick it to the banks selling REO and also hit them with money making fines.

All these leads to properties that won't sell at any price because what they rent for would be breakeven or a loss at best after taxes and maintenance.

In Atlanta best is to buy outside city limits where you have less crime,taxes are about 1,100 a year, and you can get higher rents for a better area CLOSE to Atlanta.