Detroit Housing for the Future Fund announces vacant apartment to be turned into 28 affordable housing units

FOR RELEASE: Oct. 4, 2021

Media Contact: Dan Austin
313-820-4112; dan@vandykehorn.com

Detroit Housing for the Future Fund helps bring another 28 units of affordable housing to the city

• The Charlotte will turn an abandoned 1923 apartment building into beautiful, quality affordable housing in Detroit’s Gateway Community, near Boston-Edison.
• All 28 units will be affordable housing, with 32% of them at deeply affordable rates.

DETROIT – Detroit LISC announced today the latest affordable housing development to take advantage of the Detroit Housing for the Future Fund (DHFF).

Work has already begun on The Charlotte, at 10210 Second Ave. at Glynn Court, in the Gateway Community in District 5. Developers Tom Anderton and Adam Noel of Charlotte Detroit LLC tapped the DHFF for a $2.55 million loan that will help turn the abandoned 1923-built, three-story apartment building into 28 units of quality affordable housing.

The $3.19 million redevelopment includes 12 one-bedroom units, 13 two-bedroom units with three studio apartments. The developers intend to offer 32 percent of the building at 60 percent area median income (AMI). The remaining units will remain affordable and not exceed 80% AMI.  Over the past five years, the developers have continued to invest in the streets just north of the Boston-Edison neighborhood.  The developers’ efforts thus far have resulted in 63 units available.  This project will be their fifth building and brings the developers’ portfolio to just over 100 units. 

The scope of the project includes full unit rehabs, a new roof, new windows and new (HVAC) system. Amenities will include on-site laundry facilities, large common areas inside and out, and plenty of greenspace. It is slated to open early next year.

The Detroit Housing for the Future Fund, a private investment fund aimed at directing $75 million in capital to affordable housing in Detroit, launched with an initial capitalization of $48 million, anchored by a $15 million commitment from JPMorgan Chase and a $10 million guarantee from The Kresge Foundation. DHFF is managed by LISC Detroit and LISC Strategic Investments, and is a part of the larger Affordable Housing Leverage Fund, which is an initiative with the City of Detroit’s Housing & Revitalization Department.

The Charlotte will see this apartment building near Boston-Edison turned into 28 units of affordable housing thanks to the Detroit Housing for the Future Fund. Joe Powers photo

“Creating long-term housing affordability in Detroit is foundational to ensuring safe, healthy places for families to thrive and grow,” said Tahirih Ziegler, LISC Midwest Program vice president. “This is crucial to ensuring that Detroit remains a place where all can afford to call home and live in quality housing.”

For more information about the DHFF and the Developers of Color programs, go to www.detroithousingforthefuturefund.org.

About Detroit LISC

Detroit LISC is a local organization founded in 1990, within the Local Initiatives Support Corporation network that includes 38 offices in urban areas across the country as well as a rural office that serves more than 44 states. National LISC, founded in 1980, is the largest national community development financial intermediary, combining corporate, government, and philanthropic resources to help community-based organizations revitalize their neighborhoods.

LISC’s mission is that every low-income community has the chance to thrive. LISC equips struggling communities with the capital, strategy and know-how to become places where people can thrive. Working with local leaders we invest in housing, health, education, public safety and employment — all basic needs that must be tackled at once so that progress in one is not undermined by neglect in another. Sharing our expertise of 41years, we bring together key local players to take on pressing challenges and incubate new solutions. With them, we help develop smarter public policy. Our toolkit is extensive. It includes loans, grants, equity investments and on-the-ground experience in some of America’s neediest neighborhoods.

About the Detroit Housing for the Future Fund

The Detroit Housing for the Future Fund (DHFF) is a private investment fund launched in 2020 focused on investing in the development and preservation of affordable housing in Detroit.  The DHFF is managed by Local Initiatives Support Corporation (LISC) Strategic Investments and LISC Detroit. DHFF was created in partnership with the City of Detroit’s Housing & Revitalization Department as part of the Affordable Housing Leverage Fund (AHLF) initiative. The DHFF deploys flexible loan capital and private grants to complement and leverage public investment through the City of Detroit and Michigan State Housing Development Authority as well as tax credits and other existing affordable housing finance tools. 

For more information on the Detroit Housing for the Future Fund and funding opportunities, please visit https://www.detroithousingforthefuturefund.org/

For investor inquiries and more information about LISC Strategic Investments, please visit https://www.liscstrategicinvestments.org/detroit-housing-for-the-future-fund