DHFF Investments Kingsley Arms and Lee Arden complete renovations, delivering 87 Affordable Housing units to Piety Hill
- LISC Detroit and Hazelwood Partners, and Detroit Housing for the Future Fund Celebrate Transformation of Two Historic Buildings into Affordable Housing for Detroiters
The City of Detroit, Local Initiatives Support Corporation’s Detroit office (LISC Detroit), Detroit AHLF-CDFI Fund LLC (a/k/a Detroit Housing for the Future Fund) (DHFF), and developer Hazelwood Partners LLC today announced the completion of renovations at the historic Kingsley Arms and Lee Arden apartment buildings in the city’s Piety Hill neighborhood. Together, the redeveloped properties will bring 87 new affordable housing units to Detroiters, with rents starting at $805 and income levels as low as 45% of the area median income (AMI). The three renovated buildings were all funded by DHFF, which is managed by LISC Fund Management, LLC in partnership with LISC Detroit.
“Thanks to this development, almost an entire block has been restored, offering beautiful and affordable homes to new residents,” said Mayor Mike Duggan. “The Detroit Housing for the Future Fund is proving to be a powerful tool in our efforts to create affordable housing for Detroiters. It brings us one step closer to our goal of creating or preserving 15,000 units of affordable housing across the city.”
Located at 646 and 660 Hazelwood Street, Kingsley Arms and Lee Arden join The Weber—another Hazelwood Partners development—as part of a growing revitalization effort on Hazelwood Street. With the completion of these buildings, nearly an entire block has been transformed from long-vacant structures into vibrant, affordable homes in one of Detroit’s historic neighborhoods.
The two buildings had been vacant for over a decade before undergoing full renovations, including new electric, plumbing, and HVAC systems, window and roof replacements, and common area upgrades. The development team also implemented a wide range of energy and water efficiency measures. These included LED lighting throughout the buildings, high-efficiency water fixtures, new heating and cooling units, and insulation improvements through upgraded windows and walls. As a result, 646 & 660 Hazelwood are now sustainable and comfortable environments — making them a highly desirable place for future residents. These energy and water efficiency measures allowed the projects to obtain additional financing through the Wayne County Property Assessed Clean Energy (C-PACE) program, administered by Lean & Green Michigan.
“These C-PACE projects will result in energy-efficient buildings that are affordable housing for the community,” said Wayne County Executive Warren C. Evans. “As Detroit and Wayne County have been restored to national and international prominence, we must ensure that people can live affordably where they work. Let this be a model that proves energy efficiency and affordable housing can, and should, go hand in hand.”
Between them, the properties now offer four studio apartments, 63 one-bedroom units, and 21 two-bedroom units. Each building includes nine apartments reserved for tenants earning 45% AMI, nine at 55% AMI, and the remainder at 80% AMI or below. Affordability is guaranteed for at least the next 13 years.
Hazelwood Partners LLC is comprised of Devon Caldwell and Ryan Zampardo of Inkwell Partners, David Conca of Vera Development, and Todd Rodgers of Essential Property Management. The team partnered with LISC Detroit and leveraged DHFF to make these deep affordability levels possible.
“We’re proud to help bring these historic buildings back to life and provide quality housing for Detroiters,” said Ryan Zampardo of Hazelwood Partners. “Projects like this don’t happen without strong public-private partnerships. We’re especially grateful to LISC Detroit, the City of Detroit, and the DHFF for making this transformation possible.”
The combined $10.3 million investment—$4.9 million for Kingsley Arms and $5.42 million for Lee Arden—was supported by $6.69 million in loans from the Detroit Housing for the Future Fund, along with $2.1 million in financing from PACE Loan Group.
“This is what community investment looks like,” said Rob Lockett, Executive Director of LISC Detroit. “Through the DHFF, we’re helping to create and preserve affordable housing opportunities throughout Detroit, and we’re proud to support projects like these that bring new life and equity to our neighborhoods.”
DHFF is a private investment fund aimed at expanding access to affordable housing across the city. Managed by LISC Fund Management, LLC in partnership with LISC Detroit, DHFF is a part of the City of Detroit’s Affordable Housing Leverage Fund in partnership with the Michigan State Housing Development Authority. DHFF is supported by anchor investments from JPMorgan Chase ($15 million) and a $10 million guarantee from The Kresge Foundation.
To date, DHFF has supported 19 projects totaling 656 new or preserved affordable housing units, with more projects currently under development.
“Ensuring that Detroiters have access to quality, safe, and affordable housing is one of our department’s top priorities,” said Julie Schneider, Director of the Housing & Revitalization Department. “The DHFF is helping us advance equity and stability in housing, and we are grateful to our partners who share this vision.”
For more information on the Detroit Housing for the Future Fund visit detroithousingforthefuturefund.org.
For more information on Lean and Green Michigan and the PACE program visit Homepage - Lean & Green MI
About LISC Detroit Founded in 1990, LISC Detroit is part of the national Local Initiatives Support Corporation network, the country’s largest community development financial intermediary. LISC partners with local leaders and organizations to support housing, health, education, safety, and economic opportunity in Detroit’s neighborhoods.
About Detroit AHLF-CDFI Fund LLC (a/k/a Detroit Housing for the Future Fund) the Detroit Housing for the Future Fund (DHFF) DHFF is a mission-driven private investment fund with the primary goal of addressing the severe shortage of affordable housing in Detroit. DHFF is managed by LISC Fund Management, LLC, a subsidiary of Local Initiatives Support Corporation. DHFF deploys flexible loan capital and private grants to complement and leverage public investment through the City of Detroit and Michigan State Housing Development Authority as well as tax credits and other existing affordable housing finance tools.
About the Detroit Housing for the Future Fund (DHFF) Detroit Housing for the Future Fund (DHFF) is a mission-driven private investment fund with the primary goal of addressing the severe shortage of affordable housing in Detroit. DHFF is managed by LISC Fund Management, LLC, a subsidiary of Local Initiatives Support Corporation. DHFF deploys flexible loan capital and private grants to complement and leverage public investment through the City of Detroit and Michigan State Housing Development Authority as well as tax credits and other existing affordable housing finance tools.
For more information on the Detroit Housing for the Future Fund and funding opportunities, please visit detroithousingforthefuturefund.org/ or https://www.liscstrategicinvestments.org/detroit-housing-for-the-future-fund.
