Submitting reso. autho. Approval of HOME Loan Modifications/Subordinations. (The City of Detroit, through the Housing and Revitalization Department (“H&RD”), has continued to work closely with the Michigan State Housing Development Authority (MSHDA) ensure long term viability and affordability for jointly funded Low Income Housing Tax Credit Project. Last fall MSHDA approved additional assistance to rehabilitate two projects of Cass Corridor Neighborhood Development: 1) Mt. Vernon Apartments and 2) Architects Building. This approval was conditioned on the City forgiving a large portion of the current HOME Loan balance for each project, to allow additional debt and security to fund approximately $4 million in new repairs for each project.) (REFERRED TO THE PLANNING AND ECONOMIC DEVELOPMENT STANDING COMMITTEE ON 7-7-16)

Committee

Planning and Economic Development Standing Committee

Introduced

August 12, 2016

On agenda

July 7, 2016