Two historic Detroit buildings to be renovated into affordable housing
(CBS DETROIT) - Officials in Detroit say two historic buildings will be renovated, bringing in 87 units of affordable housing.
According to a press release, the historic Kinglsey Arms Apartments at 646 Hazelwood Street and Lee Arden Apartments at 660 Hazelwood Street will include three studios, 63 one-bedroom apartments and 21 two-bedroom apartments.
Officials say nine units will be at or below 45% area median income (AMI), nine units at or below 55% AMI and the remaining units at or below 80% AMI. Rents will start at about $805 and average less than $1,000.
The buildings have been vacant for more than 10 years.
Funding for the $10.3 million development includes $6.69 million in loans from the Detroit Housing for the Future Fund.
"The Detroit Housing for the Future Fund is proving to be a powerful tool in our efforts to create affordable housing for Detroiters," said Detroit Mayor Mike Duggan. "In the case of this developer, almost an entire block will be completely renovated, and ready for new people to move in and enjoy a high quality yet affordable home in a beautiful neighborhood. It also gets us that much closer to fulfilling our goal of creating or preserving 15,000 units of affordable housing to ensure that Detroiters of all income levels can live in any neighborhood they wish."
Officials say renovations will be completed by developers Hazelwood Partners, who is also renovating the Weber Apartments at 655 Hazelwood Street. Leasing for those 45 units will start in the spring.
"We appreciate the City of Detroit, LISC Detroit and the Detroit Housing for the Future Fund for helping us transform these beautiful, historic buildings" said Ryan Zampardo of Hazelwood Partners. "It is extremely important to us as developers to make sure our apartments are attainable for all Detroiters. Without the DHFF, achieving these affordability levels would not be possible."