2 Detroit Housing for the Future Fund redevelopments turn vacant buildings into affordable housing
From 2016 to 2020, tax credits on more than half of Detroit’s low-income housing units (LIHTC) are set to hit the pivotal 15-year mark when developers can withdraw and start charging higher rents.
This equates to 7,700 LIHTC eligible units expiring by 2022. Middle and lower-income tenants face limited affordable rental supply and will see this stress further increase in the upcoming years.
The Detroit Housing for the Future Fund (DHFF) is the LISC managed private housing investment fund of the Detroit Affordable Housing Leverage Initiative. This initiative is a partnership between LISC, DHFF, the City of Detroit, and Michigan State Housing Development Authority (MSHDA) and aims to create and preserve affordable housing in the City of Detroit.
LISC Strategic Investments works closely with LISC Detroit to manage philanthropic funds & low-cost debt to encourage deeply affordable housing.