(CBS DETROIT) -- Nearly 200 deeply affordable housing units are being developed in Detroit, officials announced on Thursday.
City and state officials announced the city is receiving $38 million in Low-Income Housing Tax Credit (LIHTC) funding. Officials say a total of $60.9 million will be invested in the projects across four Detroit neighborhoods, bringing 183 affordable housing units as well as 20 market-rate apartments.
According to a press release, all 183 units will have rent considered affordable for households earning no more than 60% of the area median income (a single individual must earn less than $37,630, or a family of two must earn no more than $42,960). More than half of the units will be set aside for residents earning 30-50% AMI.
Officials say one of the projects is converting the former St. Matthew's School into the Residences at St. Matthew with 46 units.
The project represents the first time the city's Housing & Revitalization Department offered a rental subsidy reserve to ensure residents in the designated units pay no more than 30% of their income. It received $9.8 million in LITHC as well as 25 project-based vouchers from the Michigan State Housing Development Authority (MSHDA).
"I want to thank MSHDA and Governor Whitmer for their ongoing commitment to creating more affordable housing in Detroit neighborhoods," said Mayor Mike Duggan. "As our city comes back, the most important thing we can do is to make sure the Detroiters who stayed can still afford to live in the neighborhood of their choice, and today's announcement gives that commitment a big boost."
Here is a breakdown of the three other projects:
4401 Rosa Parks
Construction is to start in the first quarter of next year and wrap up in the third quarter of 2024.
AMI breakdown (60 units total):
- 11 units at 30% AMI
- 15 units ai 40% AMI
- 14 units at 60% AMI
- 20 units market rate
Greystone Senior Living Center (440 Martin Luther King Jr. Blvd.)
Construction is expected to begin in early 2023 and wrap up by the end of the year.
AMI breakdown (49 units):
- 13 units at 30% AMI
- 3 units at 40% AMI
- 33 units at 60% AMI
Orchard Village Apartments (21525-21652 Orchard St.)
Construction is expected to begin in the spring of 2023 and complete in 2024.
AMI breakdown (48 units):
- 10 units at 30% AMI
- 10 units at 40% AMI
- 3 units at 50% AMI
- 25 units at 60% AMI
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