Affordable housing is at an odd crossroads in the fluctuating, contradictory, and confused real estate market of Detroit. The City of Detroit has touted “affordable housing” agreements with many developers and has also committed to keeping seniors in their HUD housing.
Researchers from the University of Michigan found that the majority of expiring HUD housing units are located in Greater Downtown where they are most likely to be flip to market rate apartments and drive longtime Detroiters out. Currently, there are more than 2,000 units receiving the federal Low Income Housing Tax Credit (LIHTC) that will expire between 2016 and 2020.
In his “State of the City” address, the Mayor highlighted the city’s effort with the Rockbury group to secure 2 subsidized housing contracts from expiring so that 165 residents could stay in their homes.