Detroit Housing for the Future Fund completes 1st affordable housing project

Posted at 12:04 PM, Oct 05, 2022
and last updated 2022-10-05 12:08:01-04

DETROIT (WXYZ) — Detroit Local Initiatives Support Corporation (LISC) was joined by Mayor Mike Duggan, Council President Mary Sheffield, developers and community members Wednesday to celebrate the opening of The Charlotte, the first project completed under Detroit's Housing for the Future Fund (DHFF).

DHFF, a LISC managed private investment fund created to increase access to and availability of affordable housing in Detroit, provided a $2.55 million loan to developers, Tom Anderton and Adam Noel of Charlotte Detroit LLC, to completely renovate the previously abandoned building built in 1923 into a three-story apartment building with 28 affordable housing units. The Charlotte renovation features full renovations of all units, a new roof, new windows, and a new HVAC system. On-site laundry, large common areas and vast green spaces are just a few of the amenities offered at The Charlotte.

Detroit Mayor Duggan, Local Initiatives Support Corporation celebrate completion of affordable housing project through renovation of The Charlotte

“I would like to congratulate and thank the developers and Detroit LISC for helping us continue to build a city where all Detroiters have access to quality affordable housing, no matter their income,” Mayor Duggan said. “The Charlotte has taken a blighted, abandoned apartment building and turned it into quality, beautiful affordable housing in the Gateway Community neighborhood.”

The $3.19 million redevelopment, located at 10210 Second Avenue at Glynn Court, in the Gateway Community in District 5 – includes 12 one-bedroom units, 13 two-bedroom units and three studio apartment units. All 28 units at The Charlotte are reserved as affordable housing. Nine apartments are capped at 60% area median income (AMI), and the remaining 19 units cannot exceed 80% AMI. However, developers Anderton and Noel say rental rates will be closer to 55%-65% and will charge $725-$940 for a studio (80% AMI is $1,254); $900-$1,075 (80% is $1,343) for a one-bedroom; and $1,250-$1,400 (80% is $1,612) for a two-bedroom.

“We have continued investing in Detroit in the hopes of creating updated, safe and affordable places to stay for the working class,” Noel said. “We are often someone’s first apartment after college, or when moving into the city, because our pricing is fair and offers access to the beautiful areas around Boston-Edison, which continues to grow and thrive.”

“Investing in quality, safe and affordable housing is essential for economic mobility of Detroit families and individuals,” said Camille Walker Banks, executive director of LISC Detroit. “Through the Detroit Housing for the Future Fund, we are committed to providing access to capital for equitable developments that support low-and moderate-income families to thrive in neighborhoods such as the Gateway Community.”

Currently, six DHFF projects are under construction in neighborhoods across the city, with 173 out of the 211 combined units designated as affordable housing.

Renovations at Le Chateau at Mound and 7 Mile roads in District 3, will see 30 units renovated for existing and new residents. All units at Le Chateau will be at 40%-50% AMI. The Belnord in Midtown is near the end of its $2.9 million renovation and will include new affordable housing units, rehabbed units and an extension of affordability for other units, representing 29 units with rents at 50%-80% AMI.

“Ensuring that Detroiters have access to housing that is quality, safe and affordable is one of our department’s biggest goals,” said Julie Schneider, director of the Housing & Revitalization Department. “The Detroit Housing for the Future Fund is a key tool in tackling inequality and housing instability in our city. I would like to thank LISC and the fund’s corporate givers for helping us work toward a better Detroit for all Detroiters.”