Posted Nov 28, 2022, 4:47 PM
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Detroiter4life
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Join Date: Jul 2001
Location: Back home in Georgia!
Posts: 3,826
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Great photos Deja vu!
More developments news....
Pair of mixed-used housing developments OK'd for tax incentives in Grand Rapids
Quote:
The Grand Rapids City Commission on Nov. 15 approved Neighborhood Enterprise Zone designations for the Lofts on Grove — a project led by First Companies CEO Jeff Baker in the city's Creston neighborhood — and for the 280 Ann LLC project by developer Jack Hoedeman, a partner with Victory Development Group, on the West Side.
The Lofts on Grove project would include ground-floor retail and 110 housing units deemed attainable to those making 80 to 100 percent of area median income, or AMI, with rents ranging from $1,175 for a studio to $1,850 for a two-bedroom. The 280 Ann project would include first-floor commercial space and 44 apartments affordable to those making 60 to 80 percent of AMI, with rents ranging from $950 for a studio to $1,300 for a one-bedroom.
Grand Rapids' AMI in 2022 is $62,700 for single-occupant households and $71,600 for two-person households, according to the U.S. Department of Housing and Urban Development. That would mean the developments are theoretically attainable for households earning anywhere from about $37,000 to $64,000 a year, depending on the project and unit size.
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https://www.crainsdetroit.com/west-m...-grove-280-ann
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