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Jefferson Chalmsers’ Apartment Building Revived

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The renovated Marlborough Apartments in the Jefferson Chalmers neighborhood have opened. Jefferson East Inc. and its subsidiary, East Jefferson Development Corporation are responsible for the renovation of the 1927 building that houses. 8 unit apartments. They are also renovating another circa 1929 property on the north side of Jefferson. It will have 15 units. According to Mayor Mike Duggan, the second property has stood vacant for 50 years.  The two properties will reserve a total of 13 units for tenants with incomes between 50% and 60% of the area median income. The two and three bedroom units will range from $848 to $914 a month.

 

 

New Report Offers Insight into Detroit’s Rental Housing

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Information on the number of rental properties in Detroit is limited and creates issues concerning improvements to housing conditions and reduction of lead exposure. Most landlords in Detroit own one or two properties, making up about 50% of the units in the city.  Of that number, only 2% have registered properties within the city’s formal rental system. The think tank, Detroit Future City, released an analysis on Wednesday that breaks down landlords into categories using the assessed value of the property, corporate ownership, blight violations, taxpayer’s location, property acquisitions and the number of units they own. Tenant advocates continue to raise concerns about evictions and unaffordable housing. The goal is to support landlords and enable them to become compliant with healthier housing conditions.

 

Pilot Program Pays Storefront Owners to Renovate Upstairs Apartments

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Southwest Detroit Business Association’s pilot program grants $8,500 per unit to renovate apartments above commercial spaces. In an effort to expand the number of affordable homes and apartments for city residents, empty and derelict second-floor units are an untapped market. According to Elaina Peterson, a program analyst on the policy and implementation team for the city’s housing and revitalization department, there could be as many as 12,000 unoccupied apartments above stores and restaurants in Detroit. If they were updated and made livable, they would make a huge impact on the number of affordable apartments as rents and sale prices continue to increase. The program is one part of a $203 million housing plan that intends to create new rental housing, help renters to become homeowners, and improve the quality of existing rental units.

 

 

Rent And Occupancy Rates Are on The Rise in Metro Detroit

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Apartments are a hot commodity in Detroit with supply falling short of demand. Rent costs and occupancy rates in the metro area are increasing. According to the Detroit Multifamily Real Estate Figures, occupancy rate is at 96 percent for multifamily residences in Detroit.  The asking rental rate per square foot has increased from $1.64 to $1.72 over the last six quarters. Supply and demand issues, as well as new developments and redevelopment of existing property, are impacting rental rates. Suburban rental rates follow a similar pattern.

 

Ann Arbor Planning Commission To Hold Hearings On New Proposals

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The Ann Arbor Planning Commission will hold public hearings on three new development proposals on Wednesday, August 3 at 7:00 p.m. The projects include a four-story residential building with 185 new housing units, the reimagining of The George mixed-use apartment and retail complex, and a special-exception use proposal for a childcare center. The new housing units would redevelop the University Inn site. The reimagining of The George would convert 23,462 square feet of ground floor retail space to 42 residential units. The proposal for the childcare center would repurpose an existing building at 1301 Morningside Drive in northwest Ann Arbor.

 

 

 

Michigan Mobile Home Owners Feel The Pinch As Lot Rent Increases

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Across the U.S., private equity investors are buying up manufactured housing communities and driving up lot rents. Many mobile homeowners have lower or fixed incomes, and increases in rent make it difficult to meet expenses. Older mobile home residents are particularly impacted, often lacking money for adequate food.  A series of Michigan bills could hamper those investors’ actions by creating more protections for mobile homeowners and updating the state’s manufactured housing law. Mobile home ownership is one of the few affordable housing options in rural and urban areas.

 

Harper Woods Developer Buys Cleveland Apartment Project.

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Harper Woods-based developer American Community Developers Inc. purchased and has renovation plans for a 484-unit apartment project in Cleveland.  The company specializes in the buying and rehabilitating affordable housing. Cleveland’s Rainbow Terrace was built in the 1950s and sits on 31 acres. The units are a mix of garden-style apartments and townhouses for low-income families. The company paid $8.55 million and expects to spend about $18 million on upgrades and deferred maintenance.

 

 

Entrepreneur Nurse Set To Transform Detroit Block

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Nurse Sonya Greene’s redevelopment project is transforming a Detroit block into a business district. The project is called The Shift and  will include a fresh food market, barbershop, hair salon, nonprofit office space and a 4-unit newly renovated apartment complex. The  food market is an 1,800-square-foot property at 12752 Linwood St. The market, the barbershop and 1 or 2 of the apartments are expected to be open in late August.  Greene purchased the market space in December 2017. Although she wanted the whole development to open at one time, funding dictated a different approach.

 

Michigan-Based Development Firm Acquires Affordable Housing Portfolio

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The Michigan minority- and woman-owned development firm, Ginosko Development Company, along with New York-based L+M Development Partners, has secured a nine-property portfolio in Michigan that includes 1,640 units.  One of the portfolio’s properties includes Coventry Woods, a West Michigan senior apartment complex. The rest of the portfolio properties are in Detroit, Saginaw, Pontiac, Canton, Center Line and Monroe. Over half the units are for seniors. Seven of the nine properties have Department of Housing and Urban Development Section 8 contracts, and two are restricted to households at or below 60% area median income.

 

Deeply Affordable Housing Units Planned for Detroit

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Developers Cinnaire Solutions, Woodbridge Neighborhood Development Corp., CHN Housing Partners and Detroit Blight Busters will create nearly 200 new units for at-risk residents. The four new housing projects will created 183 affordable units for residents who earn 60 percent of the area median income ($42,960 for a family of two). The projects will also include 20 market-rate apartments. Old Redford, Midtown, Woodbridge and MorningSide neighborhoods are the site of the new units. They are funded, in part, by $38 million in Low-Income Housing Tax Credits from the state.