DETROIT – For the last five years, Detroit has seen $1 billion put toward 71 affordable housing developments. Which amounts to 4,646 units overall, with more to come.
The latest development is going up on East Jefferson Avenue near Van Dyke.
“The mayor and city council have been unified on one principle and that is lower income Detroiters who have been here all along will not be displaced for new residents coming in,” said Detroit Mayor Mike Duggan.
To generate that $1 billion in funds the city has more than 30 investment partners and more than 50 development partners.
“It’s unlike anything you’ve seen to have this much commitment from developers, city leadership, city council the mayor funders all to come together for one mission to make sure there’s quality affordable housing for our residents, our people at this time,” said Roderick Hardaman, CEO of Urge Development.
What’s considered affordable is rent that doesn’t exceed 30% of household income.
In Detroit, the median household income for a family of four is $28,400 a year, meaning rent wouldn’t exceed $710 monthly.
Rents in the city have exploded with all the new growth. A 586 sq ft studio in the new Water Square building is listed at $2,475 a month.
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