The city announced this week the renovations of Le Chateau Apartments along Mound Road. The 30 apartments will be renovated and offered at "deeply affordable" rates. When finished, the apartments will be called 7 Mound Apartments.
This will be led by Minyon Properties. The renovation of the 30 apartments include new HVAC, flooring, kitchens, and bathrooms within the units, and a new roof, paint, masonry repairs, and ADA-compliant walkways outside.
Five of the apartments will be rented to those making at or below 40 percent area median income, with 25 offered at 50 percent AMI. The lowest will be offered at $671 a month. The residents will be able to stay in their apartments during the renovation.
“This pandemic shattered the capacity of many to maintain adequate living expenses and housing,” said Katonya Jones, managing director of Minyon Properties. “As a permanent cost-efficient living facility, this low-income requirement allows residents of this community to benefit significantly by having affordable living environments in a safe and secure establishment.”
Local Initiatives Support Corporation Detroit (LISC Detroit) and its Detroit Housing for the Future Fund (DHFF) are supporting the renovation with a $1.6 million loan. Minyon also received a Developers of Color Fund grant through DHFF.
The DHFF is currently supporting six projects around the city with over 200 affordable apartments.