Michigan Approves $52M for Three Detroit Affordable Housing Developments

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

“The developments approved by the Board this month will have a large impact on some of Detroit’s most vulnerable residents,” said Amy Hovey, CEO and Executive Director at MSHDA. “Projects like these reflect our mission of partnering to provide quality affordable housing.”

Higginbotham School, a $36 million development in a historic Detroit neighborhood, was approved by the Board for funding totaling $25 million. After the construction of two new three-story buildings and rehabilitation of the school, the development will have 100 units.

The Board also approved $14.7 million in funds to rehabilitate and preserve Peterboro Place Apartments in Detroit. Upgrades to the property will provide 70 permanent supportive housing units, including seven accessible units. A third Detroit development was approved for $12.8 million in loans. The proposed $22 million project will develop Minock Park Place, a four-story, mixed-use complex for seniors with 42 units.

Don’t miss the Lifetime Achievement Award Presentation and Keynote Interview with G. Joseph Cosenza, Vice Chairman of The Inland Real Estate Group, LLC and President of Inland Real Estate Acquisitions, LLC at Connect Midwest: Multifamily, Affordable, Student & Senior Housing Trends on June 4, 2024, at the W-Chicago, City Center Hotel, Chicago, IL. Register Today to network with your peers!