January 21, 2025

Housing Finance Development

It's Your Housing Finance Development

DDA panel backs public aid for Ilitch-Ross District Detroit projects

DDA panel backs public aid for Ilitch-Ross District Detroit projects

The Downtown Detroit Development Authority board will consider next week nearly $50 million in funding for the Olympia Development of Michigan and Related Cos. team’s development efforts in District Detroit.

The board’s finance committee approved on Friday a trio of 34-year, 1% loans totaling $23.76 million to help cover hard construction costs for the development’s three residential projects with affordable housing as well as a $25 million reimbursement to cover infrastructure costs across its 10 planned developments. The matter goes before the full DDA board on Wednesday.

The loan program under the DDA’s Housing, Office, Retail Development and Absorption Fund is a new financing tool the agency says will help residential developers offer more discounted rents for low-income Detroiters within the DDA boundaries.

Conceptual rendering of future office and retail developments along Woodward Avenue adjacent to Comerica Park in the District Detroit.

“We’re seeing downtown go through this transition and now there’s a greater need more than ever around the city of Detroit, including downtown, for affordable housing,” said Kenyetta Hairston-Bridges, executive vice president of economic development and investment services for the Detroit Economic Growth Corporation.

A spokesperson for Olympia Development of Michigan and Related Co. did not immediately provide comment Friday on the DDA panel’s action.

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