Detroit announces program offering $10K to convert second-floor spaces into affordable housing
(CBS DETROIT) - The city of Detroit announced the launch of the Second-Floor Residential Grant Program, which will reimburse property owners up to $10,000 to convert vacant second-floor commercial spaces into affordable housing.
The program, a partnership between the city's Housing & Revitalization Department (HRD) and the Southwest Detroit Business Association, is targeting affordable housing in Southwest Detroit.
Property owners can apply by 5 p.m. on March 31.
Officials say the project is funded by HRD as part of the $203 million housing plan announced back in July.
"The City of Detroit is always looking for ways to create affordable housing and opportunities for Detroiters," HRD director Julie Schneider said in . "This great program does both, by converting unused space into affordable places for Detroiters to live, reinvigorating our commercial corridors and helping to stabilize income for local property owners."
Officials say eligible properties must be unused and located above ground-floor commercial space. They must also be located within the West Vernor Highway from Woodmere Street to 15th Street; Springwells Street from West Vernor to the West Fisher Service Drive; Junction from Michigan Avenue to Konkel Steet; and Bagley Avenue from the West Fisher Service Drive to 25th Street.
The city expects to have 24 affordable housing units with rental rates ranging from $780 to $1,250 for residents earning between 50% and 80% of area median income.
"We are excited for our continued partnership with the City of Detroit, bringing economic development opportunities to Southwest Detroit and simultaneously increasing access to safe and affordable housing for Detroit residents," Laura Chavez-Wazeerud-Din, SDBA vice president of Programs and Compliance, said in a press release.
For more information, visit www.southwestdetroit.com.