Today the city announced another renovation of an old apartment building for affordable housing, plus a major investment in the program. The renovation of the Weber Apartments in Piety Hill, just north of New Center, will be completed in late summer.
The 1927 building has 44 apartments total. Six apartments will be rented to those making at or below 50 percent Area Median Income, while the rest will be at or below 80 percent. One-bedrooms will run between $750 and $1,200 per month.
Hazelwood Partners LLC is leading the $4.4 million project, with a $2.9 million loan through the Detroit Housing for the Future Fund (DHFF).
The city announced today that KeyBank is making a $10 million investment to the fund. The DHFF is managed by LISC Detroit and helps developers cover gap funding to build more affordable housing in the city. The DHFF is a part of the larger Affordable Housing Leverage Fund through the City of Detroit’s Housing & Revitalization Department. The city has now raised $65.5 million of the $75 million goal for the fund.
“KeyBank is committed to the communities we serve. This investment is a key part of our efforts to create more strategic partnerships with Community Development Financial Intuitions across the nation and build on the success of our National Community Benefits Plan,” said Derek Reed, vice president of KeyBank CDLI. “We are proud to help LISC Detroit and the City of Detroit with their shared goal of creating and preserving affordable housing, and to making sure that no one is left behind as Detroit continues its latest renaissance.”
This is the sixth project funded with help from the DHFF. Details on the five other projects were shared at a press conference today.
Osi Art Apartments: The Woodbridge mixed-use new construction will bring 30 units online in 2023, with half affordable at 80 percent AMI. These apartments have garnered a lot of attention for their unique design, and the development is led by N’Namdi Holdings and URGE Development Group.
West Boston Apartments: This renovation of an existing building near Boston-Edison will bring 27 apartments at 30-50 percent AMI. This development should be complete in March and is led by Develop Detroit.
Dreamtroit: This adaptive reuse of an old auto plant into 81 units should be completed this fall. The $20 million project in NW Goldberg is led by Matt Naimi and Oren Goldenberg and should be completed sometime this year.
The Charlotte: Another apartment building just outside of Boston Edison, the Charlotte's 28 apartments will be rehabbed for 60-80% AMI, and will be completed this year. The work is being led by developers Tom Anderton and Adam Noel of Charlotte Detroit LLC.
The Belnord: In the Art Center section of Midtown, the Belnord will be renovated into 29 apartments, offered between 50-80 percent AMI. It's led by Ed Siegel's JacobStreet LLC and received gap funding through a $2.46 million loan from the Detroit Housing for the Future Fund. It will be completed early this year.