Mayor, residents celebrate 45-year extension of affordable housing status of 232 units at Central Towers
- Low income status of 232 housing units at Central Towers guaranteed for another 45 years as part of $19M redevelopment
- Rent starts around $800 per month with payment assistance available for residents who cannot afford rent (the average resident pays $170)
- All income-eligible residents avoiding displacement and enjoy renovated units
DETROIT – Residents of Central Towers, a 232-unit affordable housing development in southwest Detroit, today joined Mayor Mike Duggan to cut the ribbon on their newly renovated apartment buildings, which bring with them another 45 years of guaranteed affordable housing status.
Consisting of one-bedroom and two-bedroom apartments in two high-rise buildings, the Central Tower renovation was made possible thanks in part to Low Income Housing Tax Credits (LIHTC) valued at nearly $13 million awarded through the Michigan State Housing Development Authority (MSHDA). Approximately $40,000 in rehab costs per unit was invested to update appliances, finishes, HVAC and other major building systems including the installation of a roof mounted solar array.
More than 300 people call Central Towers home. The units are reserved for residents earning no more than 60% of the area median income (AMI). That means the units are available to individuals earning approximately $30,000 to $40,000 a year or less, depending on household size; however, Central Towers mainly serves residents at 50% AMI and below who can take advantage of project-based rental assistance, which limits the contribution residents must pay towards their rent based on their income.
“The guiding principle of this administration is that we are building one city for all of us. That means doing everything we can to make sure that Detroiters who stayed with the city when times were bad are able to stay in their homes and enjoy the benefits of the city’s revitalization,” said Mayor Duggan. “I’m so glad we’ve been able to keep that promise to another 232 families.”
The Central Towers project is part of Mayor Duggan’s commitment to preserve the affordability of 10,000 housing units in the city whose low-income vouchers or credits are expected to expire over the next five years. So far, the City has secured the preservation of nearly 4,000 affordable housing units numerous multi-unit properties in the city, including Kamper and Stevens buildings on Washington Boulevard, Himelhoch Apartments downtown, Cathedral Towers in midtown and Ryan Court near Livernois and Davison.
“The preservation of Central Towers is a win for its many residents and the City of Detroit,” said Donald Rencher, Director of Housing and Revitalization for the City of Detroit. “It is a direct investment in residents who have stayed and an important step in the development of inclusive neighborhoods for all.”
Central Towers is owned and operated by American Community Developers, Inc.
“We’re proud to continue our work of creating and preserving affordable housing in the City of Detroit as we have been over the past 20 years,” said Jerry Krueger, president of American Community Developers, Inc. “We are happy to partner with the City of Detroit, HUD and MSHDA to continue this mission.”
Residents are thrilled with their renovated apartments and comforted by the fact that they will not have to worry about escalating rents and displacement.
“I have lived here for the past 23 years and I’ve seen a lot of changes during that time. The remodeling at Central Towers was a fantastic idea,” said Central Towers resident David Lopez. “The buildings are more modern and convenient for use. The city has made a great come back and I’m proud to be part of it.”
About American Community Developers
Jerry Krueger founded Detroit-based American Community Developers, Inc. ("ACD") in 1980. ACD has been primarily involved in the acquisition and rehabilitation of existing affordable housing developments. ACD is recognized nationally as a leader in the affordable housing industry and its portfolio currently includes over 100 properties and nearly 13,000 units in 11 states including 2,700 units in Detroit