Michigan Real Estate News

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Long-Term Solutions Address Needs of Detroit’s Homeless

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The Pope Francis Center broke ground on a Bridge Housing Campus that will provide 40 studio apartments as temporary shelter to people for 90-120 days. During that time, the project will offer social and job-preparation services and comprehensive medical care that addresses physical, psychological and addiction needs. The project is part of a long-term plan to  solve the root causes of  chronic homelessness in Detroit by 2030.  People who stay in the studio apartments will transition to permanent supportive housing. The facility is scheduled to open mid-2023. Construction will begin in early 2022. Mayor Duggan sees this project as a potential national model.

 

 

Expiring Covid Mortgage Bailouts Problematic for Thousands

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As Covid-related mortgage bailout programs expire, hundreds of thousands of homeowners may lose or sell their homes. Out of options, borrowers who lost too much income or their businesses during the pandemic could take advantage of high equity in their homes and sell. However, data shows that has not been the trend. About a third of borrowers with at least 40% equity in their homes still go into foreclosure. Over 7 million bailed out borrowers are current on their mortgage payments. Some sold their homes or refinanced them to afford the mortgages. About half a million are in loss litigation with lenders.

 

Grand Rapids Management Company Plans More Affordable Housing

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Grand Rapids-based property management company Eenhoorn LLC purchased a mixed-use building with 235 market-rate apartments in downtown Grand Rapids. The $50.7 million building includes shared amenities such as a courtyard, fitness center, parking garage and retail space. Eenhoorn is working closely with the city to reserve up to 20% of the units for tenants earning between 80-90% of the area median income. The company hopes to address the housing gap for wage earners who are priced out of high quality units in low income housing projects and full market rate apartments.