• Development guarantees 58 affordable apartments for at least 10 years, with more than half at or below 60 percent AMI
• Third project by developers Tom Anderton and Adam Noel supported by LISC Fund Management's Detroit Housing for the Future Fund
   

Mayor Mike Duggan, Local Initiatives Support Corporation (LISC), city officials and developers Adam Noel and Tom Anderton of Timeless Properties gathered today to celebrate the completion of Glynn Court, a renovated and expanded affordable housing development located at 1415 Glynn Court just one block from the historic Boston Edison neighborhood. Existing residents in the building were able to stay in place while the building was upgraded, and rents remained unchanged.

The project transforms a 1920s apartment building into 58 modern, affordable homes, increasing the original unit count of 51 and introducing 37 one-bedroom apartments, 13 studios, and eight two-bedroom units. The sponsor acquired the property and completed nearly $1 million in upgrades to the building over the past two years. The Detroit Housing for the Future Fund (DHFF), managed by LISC Fund Management, provided refinancing for the original purchase, securing more favorable interest rates in exchange for a commitment to keep the apartments affordable for the life of the loan. This approach preserves affordable housing in a neighborhood seeing renewed growth and reinvestment. All apartments are reserved for residents earning at or below 60 percent of the Area Median Income, and affordability is guaranteed for the next 10 years.

“I want to congratulate and thank the developers, LISC, and the Detroit Housing for the Future Fund for helping us build a city where all Detroiters have access to quality affordable housing, regardless of income,” said Mayor Duggan. “Thanks to DHFF, developers are able to make critical upgrades to historic buildings like Glynn Court without pricing out current residents or being forced to charge market-rate rents. It’s a powerful example of how we can preserve affordability while continuing to invest in our neighborhoods.”

Glynn Court is the third project on which Timeless Properties has utilized the DHFF. The team repurposed approximately half of the previously unused garden-level space to create new studio apartments. By incorporating original exposed brick walls and expansive floor plans, the developers were able to maintain the building’s historic character while creating inviting, efficient living spaces. In addition to layout improvements, the renovation included major infrastructure upgrades such as a full upgrade to the building’s electrical service, dozens of new windows, and significant cosmetic enhancements to units and common areas were added to improve the overall resident experience. Glynn Court is the third project on which Timeless Properties has utilized the DHFF. With Glynn Court, Timeless has now delivered more than 150 affordable and workforce housing units north of Boston Edison, including The Charlotte in 2021 and The Shirley in 2022.

“We are committed to restoring Detroit’s beautiful historic buildings in a way that ensures current and future residents have access to high-quality, affordable places to live,” said Adam Noel, co-founder of Timeless Properties. “DHFF is the only financing product that makes this vision possible—it allows us to take on major renovation projects while guaranteeing long-term affordability. That’s essential for preserving both the character of these neighborhoods and the stability of the people who call them home.”

The redevelopment was financed in part through a $3.74 million loan from DHFF, a $58 million private investment vehicle managed by LISC Fund Management that focuses on creating and preserving affordable housing in Detroit. The fund is anchored by a $15 million commitment from JPMorgan Chase and backed by a $10 million guarantee from The Kresge Foundation. With Glynn Court, DHFF has now supported 18 developments that together create or preserve 553 affordable homes across the city.

“The Detroit Housing for the Future Fund continues to prove that strategic investment in affordable housing can drive meaningful neighborhood revitalization,” said Rob Lockett, Executive Director of LISC Detroit. “Projects like Glynn Court preserve the character of Detroit’s historic buildings while ensuring residents aren’t priced out of their communities. DHFF has proven itself a critical tool in this work, and its success lays a strong foundation for expanding access to quality, affordable housing in even more neighborhoods moving forward.”

“The Detroit Housing for the Future Fund is a cornerstone of our city’s strategy to create and preserve deeply affordable housing,” said Julie Schneider, Director of Detroit’s Housing and Revitalization Department. “By 2030, we plan to develop 3,000 affordable housing units and preserve 10,000 affordable units. By working with trusted partners like LISC and committed developers like Timeless Properties, DHFF allows us to bring new life to historic buildings while ensuring Detroiters of all incomes can continue to live and thrive in the neighborhoods they call home.”

About LISC Detroit  

LISC Detroit is a local organization founded in 1990, within the Local Initiatives Support Corporation network that includes 38 offices in urban areas across the country as well as a rural office that serves more than 44 states. National LISC, founded in 1979, is the largest national community development financial intermediary, combining corporate, government, and philanthropic resources to help community-based organizations revitalize their neighborhoods.  

LISC’s mission is that every low-income community has the chance to thrive. LISC equips struggling communities with the capital, strategy, and know-how to become places where people can thrive. Working with local leaders we invest in housing, health, education, public safety, and employment — all basic needs that must be tackled at once so that progress in one is not undermined by neglect in another. Sharing our expertise of 41 years, we bring together key local players to take on pressing challenges and incubate new solutions. With them, we help develop smarter public policy. Our toolkit is extensive. It includes loans, grants, equity investments, and on-the-ground experience in some of America’s neediest neighborhoods.  

About the Detroit Housing for the Future Fund  

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. LISC Detroit sources and originates loans for DHFF. DHFF is a part of the larger Affordable Housing Leverage Fund, which is an initiative with the City of Detroit’s Housing & Revitalization Department and the Michigan State Housing and Development Authority. 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 liscfundmanagement.org/detroit-housing-for-the-future-fund.

For investor inquiries and more information about LISC Fund Management, LLC, please visit liscstrategicinvestments.org/fund-management.