Detroit housing fund completes 2nd project, adds affordable housing to Midtown
(CBS DETROIT) - Detroit Mayor Mike Duggan and Detroit City Council President Mary Sheffield joined LISC Detroit and developer JacobsStreet LLC. to celebrate the completion of the Detroit Housing for the Future Fund's second affordable housing project.
The purpose of the Detroit Housing for the Future Fund (DHFF) is to help developers create affordable housing options throughout the city.
The second project involved the renovation of the Belnord, a historic apartment building located at 324 Hendrie St. at Brush.
According to city officials, the $2.9 million renovation received a $2.46 million loan from the DHFF.
The renovations were made to 24 existing units, and five garden-level units were created. No residents were displaced during the renovations.
In addition to this, renovations included upgrading the electric, plumbing and HVAC systems, replacement of the roof, improvements to the common areas, along with other work.
"I am thankful and appreciative of the City of Detroit, LISC Detroit and the Detroit Housing for the Future Fund for creating another mechanism to create and maintain affordable housing in our city," said Siegel, JacobsStreet LLC principal. "The funding allowed us to activate down units, repair some deferred maintenance and keep the units affordable in a location that has excellent access to major employment centers."
Officials say the housing is targeted towards residents making between $31,350 and $50,160 a year.
Depending on the unit, rent starts at about $700 and averages less than $1,100.
In the apartment building there are 19 one-bedroom apartments, seven two bedrooms, and three, three bedrooms.
"All over the city, including here in Midtown, we are creating and preserving quality affordable housing that Detroiters can afford to call home," said Detroit Mayor Mike Duggan. "The Detroit Housing for the Future Fund is a key tool in our efforts of providing places for Detroiters to live where they want to be, and to getting a number of our smaller apartment buildings like the Belnord renovated without forcing residents out because of rent increases."
City officials say that seven Detroit Housing for the Future Fund projects have been completed or are under construction and they plan to add several more soon.
