HUD Selects Detroit for $30M Grant to Help Bring 500 Affordable Housing Units to Corktown Area
DETROIT — The U.S. Department of Housing & Urban Development (HUD) has selected Detroit as a winner of its Choice Neighborhoods grant program, which will enable the city to bring more than 500 new units of affordable housing to the Corktown area. Detroit, which was one of five cities selected nationally, will receive a $30 million HUD grant, the largest amount offered under the Choice program. The grant is supported by $1 billion in leverage commitments from grant partners, including Ford’s new $740 million mobility campus and other economic development initiatives in Corktown.
The Corktown neighborhood, which is experiencing escalating rents as a result of new development, is now on track to receive $200 million invested in 840 units over the next six years. At least 60 percent, or 504 units, will be set aside as “deeply affordable housing,” according to the city. Of the units, 40 percent will serve households earning between 30 and 80 percent of area median income (AMI); 20 percent will serve households making up to 30 percent of AMI; and 20 percent will serve households earning 80 to 120 percent of AMI. The remaining 20 percent of the units will be rented at market rate.