Detroit’s largest developer, Bedrock, and the city announced an agreement to create or preserve affordable housing in the greater downtown area. What does that mean exactly?
Bedrock plans on creating over 3,500 housing units over the next few years. Of that, 20 percent, or 700, will be designated affordable. Affordable means households whose income is 80 percent of the Area Median Income (AMI) or less.
Rental prices in Detroit, while lower than most big cities, have been creeping up over the past few years. Market rate apartments are currently hovering close to $2 per square foot in downtown and Midtown.