Real Estate Firm, Detroit Reach Affordable Housing Agreement
DETROIT (AP) - An agreement between the city and real estate firm Bedrock is expected to lead to an estimated 700 affordable housing units in Detroit.
Detroit-based Bedrock plans to develop up to 3,500 residential rental units in Detroit over the next several years. The deal with the city calls for 20 percent of those units being made available for incomes 80 percent or less of the area median income.
The affordable units primarily will be located in the greater downtown area.
Bedrock President Dan Mullen says "it is important that a wide range of housing options, including affordable ones, are available in Detroit's growing marketplace."
The city says more than 2,000 units of existing affordable housing could be converted into higher market rate developments as rental assistance contracts expire.
(© Copyright 2017 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)
