Residents of Leland House in Detroit will not have to move out of their homes thanks to an agreement reached with DTE.

A bankruptcy judge on Thursday signed off on a plan where owners of the apartment building on Bagley Street would make a more than $57,000 down payment to the utility company, preventing the power from being shut off.

CBS News Detroit spoke with the ownership group's attorney, Ryan Heilman, who says a $1.2 million loan was financed by a local lender, and the judge granted $423,000 to place a deposit to be used now.

"She understood the gravity of the situation here, needs of the residents, and I think she did a great job balancing everything, and we're very pleased with the result," said Heilman.

"We would love to have residents stay in, and that was one of the driving forces of this whole thing."

Leland has until Monday, Dec. 8, to make the payment to give the loan time to process, and residents will be notified by management that they don't have to leave.

This comes less than a week after building management told residents on Friday, Nov. 28, that they had to vacate due to an impending utility shutoff. A court filing on Monday, Dec. 1, gave the owners until Dec. 4 to make the down payment to DTE.

In a statement to CBS News Detroit, DTE said, 

"We understand and acknowledge the unfortunate situation this is causing for tenants of Leland House. We have been collaborating with the City of Detroit to secure alternative housing options for all affected residents ahead of any service interruptions.

"Our team has been proactively working with the landlord to find a way to continue servicing the needs of its residents. As with all customers who own multi-unit dwellings, in compliance with regulatory requirements, we provided a 30-day public notice on all entrances and exits of the building to inform tenants of potential disconnect. Service interruptions are an absolute last resort and are only implemented after every effort has been made to reach an agreement or create a payment plan.

"While we cannot share customer-specific details, we want to emphasize that our goal is always to prevent service disruptions. As a regulated utility, we also have a responsibility to all customers to ensure payment for service is received, so that costs are not unfairly shifted to others.

"If any customer is facing financial hardship, we encourage them to contact us as soon as possible. Together, we can find the best solution for their situation."

Chelsea Neblett, chief of Housing Solutions and Supportive Services for the Detroit Housing and Revitalization Department, told CBS News Detroit that her team was working around the clock to support impacted tenants through offering standby shelter as well as assisting with relocation costs.

After the new deadline was announced, the department shared a new statement saying, "At this point, the situation is out of our direct control. We will continue to support residents through next steps. If the utility service interruption is canceled, we will still work with residents who may have already started the relocation process. We stand ready to assist all tenants if and when we are needed."

Attorneys say the process is ongoing and another hearing is set for Jan. 12.