Remember in the Wizard of Oz when Dorothy said “there’s no place like home?”
I couldn’t help but think of that movie and the Emerald City when I heard Detroit’s East Side is getting some new housing called Emerald Springs. It is the one of the newest properties built in Detroit and offered by the Detroit Housing Commission. What’s great is people can start out as renters and later have the option to buy.
There will be more than 206 public and affordable housing units when everything is completed, some with handicapped accessible features. Phases 1 A & B are done and are all leased, which includes 158 two, three and four bedroom units. Phase 2, which includes 48 units, will be completed by first quarter of 2014.
There’s also a new community center named after Carol A. Goss, president and CEO of the Skillman Foundation, a Detroiter who is dedicated to Detroit neighborhoods and children. It’s a pretty cool center where residents can exercise, watch movies, hold meetings and take part in educational and employment services.
A fourth off-site phase consisting of 50 single-family rental homes will be constructed after the completion of the onsite development. The homes will be located within the surrounding neighborhood of the Emerald Springs development site.
Unified Property Group, a leader in real estate planning and acquisitions, leveraged nearly $40 million in both public and private funding to construct this one-of-a-kind property on Detroit’s east side.
“At Unified Property Group we aren’t just satisfied offering quality affordable housing,” said Brian Stoy, CEO of Unified Property Group. “We have a deep-rooted commitment to serving the communities of our properties by committing to be a part of the city’s revitalization movement.”
Although the new homes will initially be rented and financed through the Low Income Housing Track Credits (LIHTC) program, after the 15-year tax credit compliance period expires, the current resident will be given the option of purchasing the home. This will provide each tenant with an opportunity to own their own home.
As Dorothy said, “there’s no place like home.”
Unified is the principal developer of the finance team for the Detroit Housing Commission’s property. The finance team consists of the U.S. Department of Housing and Urban Development (HUD), City of Detroit Departments of Public Works and Planning and Development, the Michigan State Housing Development Authority, Chase Bank and AEGON USA Realty Advisors.