Nevada Has an Affordable Housing Problem

Remigio Civitarese
Marzo 14, 2018

One aspect of the ordinance that was less clear, however, was the The Detroit Affordable Housing Development and Preservation Fund, which was supposed to set aside $2 million a year to use towards housing projects affecting people at 50 percent AMI or lower. Units across the city will benefit, and the Affordable Housing Leverage Fund itself will be divided into three parts: $50 million for grant funds, $150 million for low-interest borrowing, and $50 million in public funds from expected federal and city funds.

The building will be located on the corner of St. Paul Street and 5th Avenue downtown, and will offer affordable rental housing for low- to moderate-income singles and families.

CITY-New York City now has its largest housing stock in its history, with approximately 69,000 units having been added to the city's housing stock between 2014 and 2017.

Duggan says Monday in a release that preserving and creating affordable housing is the cornerstone of Detroit's growth strategy.

The announcement was actually initially made in 2015 for Royal Avenue, but it's taken this long to find a new location after the Royal Avenue project was deemed "unsuitable".

"The HVS findings confirm that while we are finally seeing incomes rising more than rents, the city is still facing a dire affordability crisis", says HPD Commissioner Maria Torres-Springer. "The City will continue to look for opportunities to support affordable housing and enhance the lives of all of our residents".

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