Michigan Approves $52M for Detroit Affordable Housing Developments

The Michigan State Housing Development Authority (MSHDA) Board has recently granted $52.5 million in funding for three affordable housing developments located in Detroit.

According to MSHDA CEO and Executive Director, Amy Hovey, these approved projects will have a significant impact on the city’s most vulnerable residents. She also stated that these developments align with their mission of collaborating to provide high-quality affordable housing options.

One of the approved developments is Higginbotham School, a historic neighborhood project worth $36 million. The Board has allocated $25 million for its construction, which includes two new three-story buildings and renovation of an existing school building to create 100 units.

In addition, Peterboro Place Apartments will receive funds totaling $14.7 million for rehabilitation and preservation efforts in Detroit. This project aims to upgrade the property by providing 70 permanent supportive housing units with seven accessible units available.

Lastly, Minock Park Place was granted loans amounting to $12.8 million from the Board’s approval process as well. This proposed development involves constructing a four-story mixed-use complex catering specifically towards seniors with 42 residential units at an estimated cost of around $22million.

Don’t miss out on attending Connect Midwest: Multifamily Affordable Student & Senior Housing Trends event happening on June 4th ,2024 at W-Chicago City Center Hotel where you can witness G.Joseph Cosenza- Vice Chairman Inland Real Estate Group LLC & President Inland Real Estate Acquisitions LLC receiving Lifetime Achievement Award followed by his Keynote Interview session! Register today and join us for networking opportunities among your peers!

This article originally appeared on Connect CRE.

Steve Griffin

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