Kamper and Stevens Buildings | Detroit, Michigan
Affordable Housing Preservation
Given the increasing demand for affordable housing, it is critical that existing affordable housing be recapitalized and preserved. The Ethos team has extensive experience utilizing financing sources such as Low-Income Housing Tax Credits, Federal Historic Tax Credits, HOME, and Project Based Vouchers to preserve these assets.
700 East Court Street, Flint, MI
Type: Senior Preservation
Number of Units: 119
Total Development Cost: $22,200,000
Financing: MSHDA 9% LIHTC, Philanthropy, Conventional Financing
Rental Subsidy: Section 8 Project Based Vouchers for 23 units from the Flint Housing Commission
Completion: August 2024
800 East Court Street, Flint, MI
Type: Senior Preservation
Number of Units: 149
Total Development Cost: $23,200,000
Financing: MSHDA 4% LIHTC, Tax Exempt Bonds, HUD 202 Capital Grant, City of Flint HOME, HUD 221(d)(4) Financing
Rental Subsidy: HUD PRAC for all 149 units
Completion: December 2024
Beacon Place, Pontiac, MI
Type: Permanent Supportive Housing
Number of Units: 40
Total Development Cost: $13,000,000
Financing: MSHDA 4% LIHTC, Tax-Exempt Bonds
Rental Subsidy: MSHDA Project Based Vouchers for 16 units and Pontiac Housing Commission Project Based Vouchers for 8 units
Completion: In Process
Buersmeyer Manor, Detroit, MI
Type: Permanent Supportive Housing
Number of Units: 35
Total Development Cost: $11,200,000
Financing: MSHDA 4% LIHTC, Detroit HOME, Tax-Exempt Bonds
Rental Subsidy: MSHDA Project Based Vouchers for 23 units
Completion: In Process
Carriage Place, Pontiac, MI
Type: RAD Conversion of Family Public Housing
Number of Units: 234
Total Development Cost: $40,000,000
Financing: MSHDA 4% LIHTC with Tax-Exempt Bonds and MSHDA HOME, Oakland County HOME
Rental Subsidy: Project Based Voucher Contract for all 234 units from the Pontiac Housing Commission
Completion: December 2022
Hartford Terrace, Muskegon, MI
Type: RAD Conversion of Senior/Disabled Public Housing
Number of Units: 165
Total Development Cost: $19,300,000
Financing: MSHDA 9% LIHTC, Conventional Financing, Federal Home Loan Bank of Indianapolis AHP
Rental Subsidy: Section 8 Project Based Vouchers for all 116 units from the Muskegon Housing Commission
Completion: December 2023
Kamper and Stevens Buildings, Detroit, MI
Type: Senior Preservation
Number of Units: 165
Total Development Cost: $27,000,000
Financing: MSHDA 4% LIHTC, Tax-Exempt Bonds, Historic Tax Credits, MSHDA HOME, Detroit HOME
Rental Subsidy: HUD HAP Contract for all 165 units
Completion: January 2019
Riverview Terrace Apartments, Traverse City, MI
Type: RAD Conversion of Senior Public Housing
Number of Units: 115
Total Development Cost: $20,300,000
Financing: MSHDA 4% LIHTC with Tax-Exempt Bonds, MSHDA HOME, Federal Home Loan Bank of Indianapolis AHP
Rental Subsidy: Section 8 Project Based Vouchers for all 115 units from the Traverse City Housing Commission
Completion: December 2023