Cinnaire Solutions and Olympia Development of Michigan’s Henry Street redevelopment proposal has received a Low-Income Housing Tax Credit (LIHTC) from the Michigan State Housing Development Authority (MSHDA). The LIHTC will support the affordable housing aspects of the Henry Street proposal.
The Henry Street proposal would revitalize all seven 1920s-era historic buildings which sit on a single city block bounded by Henry Street, Cass Avenue, 2nd Street, and the I-75 service drive. It would create 170 new residential units, 84 of which would be set aside as affordable housing. All current residents would have the opportunity to live in a newly redeveloped unit at rents similar to what they are currently paying.
“Public support is critical to our ability to bring affordable housing to communities all across the region and with this LIHTC award, it will enable a truly special project that ensures housing opportunities for Detroiters,” said Lucius Vassar, Cinnaire Corporate Counsel and Executive Vice President of Equitable Engagement. “We look forward to working with the City of Detroit and Detroit City Council to achieve the final building blocks that will make the Henry Street proposal a reality.”
Keith Bradford, senior vice president, Olympia Development of Michigan, added that “this public-private partnership between the City and State would help support the City of Detroit’s affordable housing goals, provide green spaces for the community, as well as create construction and permanent jobs for Detroiters.”
In anticipation of city approvals and other public support, pre-development work is continuing.
Cinnaire is a non-profit financial partner that supports community and economic revitalization initiatives through creative investments, loans and development services. Since 1993, Cinnaire has invested $4.7 billion to develop 811 housing communities in 10 states, providing 49,700 affordable apartment homes for more than 100,000 individuals and families and has provided community development loans to support the creation/retention of more than 187,000 square feet of commercial, mixed-use, and community space. In its mission to change lives and transform neighborhoods into thriving communities, Cinnaire has helped to create or retain over 76,000 jobs and spurt $7.9 billion in economic impact. www.cinnaire.com
A conceptual rendering is shared below.