Woodward Corridor Housing Make-Over
The Kresge Foundation based out of Troy Michigan along with a Washington nonprofit organization have come up with 30 million dollars to help developers build residential homes in Detroit’s Woodward corridor. The Woodward Corridor Investment Fund set up by philanthropic organizations and banks will help developers build more market-rate and moderate-income residential projects. NCB Capitol Impact along with other foundation supporters will offer loan terms that cannot be found with traditional lenders.
Experts say that affordable housing is going to be the key to success which has been lacking in the areas redevelopments. Rip Rapson, president of The Kresge Foundation, said in a statement. “Access to capital is critical to expanding opportunity, strengthening neighborhoods and improving quality of life in our cities,”
The fund is hoping to achieve similar success to that of “Auburn” which opened last fall on Cass Avenue near Wayne State University. Similar to Auburn the Woodward Corridor Fund projects must set aside 20 percent of their units to those earning below 80 percent of the area’s median income. Even with these regulation the Auburn complex saw amazing results and filled most of their units immediately after opening. With applications being accepted in October 1st the Woodward Corridor is hoping to see the same results.
Along with all the residential construction they will begin projects on the M-1 light rail system, which will run from downtown north to East Grand in New Center. With this construction starting very soon it will help create a more desirable shopping and business district connecting downtown and midtown.
Sue Mosey, president of Midtown Detroit, Inc., said the loan fund will help with similar projects in the $3 million to $5 million range. “It will really help enable projects to get done quicker and without nearly as many funding sources,” she said. “We hope it will be speeding up progress in projects coming online in 2014-15.”
Construction will begin in the beginning of 2014. The fund also is being supported by MetLife, Inc., PNC Bank, Prudential, Calvert Foundation, Living Cities, and the Max M. & Marjorie S. Fisher Foundation.
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Ben Lang is a Birmingham Realtor specializing in Oakland County Real Estate. Ben is an agent with Max Broock in Birmingham, Michigan. See what past clients have to say about Ben Lang. Lang Premier Properties looks out for your best interests when you purchase a new custom luxury home. We always recommend working with an experienced luxury real estate agent when buying a new luxury estate.