DETROIT/May 22, 2017 (AP) (StlRealEstate.News) — The Detroit City Council is considering a proposal that would allow two buildings in downtown Detroit to retain their affordable housing status for 30 years as a developer renovates them.
The city says the Stephens and Industrial buildings have — between them — 165 units under a housing operating subsidy that’s set to expire next year.
Officials say that would put the buildings at-risk of becoming higher-rent market-rate housing which could make living there too expensive for some current residents once renovations are completed.
The Roxbury Group acquired the properties in 2015 and plans to update the buildings in a way that allows existing residents to remain. Work would start in the fall.