The Belnord historic building is repurposed thanks to the Detroit Housing for Future Fund
October 25, 2022, DETROIT, MICHIGAN – An article from FOX 2 Detroit highlights the completion of the rehab of the historic Belnord building in midtown Detroit. Supported by LISC's Detroit Housing for the Future Fund (DHFF), the $3 million project completely redeveloped the historic building with new amenities and secured access for resident safety and will be used for much-needed affordable housing.
Detroit Mayor Mike Duggan explained, "Rising property values are great news for the owners of this city that stayed, it is increasing the wealth for those in this community. But for people who are renting, I know the pressure you are feeling. And we're going to keep building new units."
The Belnord's 29 apartments, targeted for residents making at or below the area's median income, is located in a quiet neighborhood with close proximity to parks, healthcare, schools and restaurants. The Belnord is the second completed project of the Detroit Housing for Future Fund.
Wrapping secured access and new amenities into a $3 million rehab while keeping all 29 units within reach for residents at or below median income is a tougher balance than it sounds, and the scattered-site approach seems smart since it slots affordable homes into an existing quiet neighborhood rather than isolating them. Duggan's framing of rising property values versus renter pressure is the part that stuck with me, because it's easy to celebrate a rebound without asking who gets priced out of it. Seeing https://casinowithinterac.com mentioned in a finance context recently made me think about how much affordable housing hinges on predictable terms, and a fund like DHFF seems to offer exactly that kind of stability for these projects.