Why is Affordable Housing a Smart Investment?

Everyone wants to know, can we make it work in Detroit?  You bet we can.

E.B. Allen writes:

"Matthew B. Elliott, Bank of America’s Michigan Market president, says affordable leasing can be a stepping stone for smart investors.

'From a development point of view it’s easier to start in rental and develop toward condominiums and ownership.'

There’s also local evidence of a connecting-dots approach between residential and commercial development. Southwest Detroit’s Vista Partnership initiative, which began two years ago with a Skillman Foundation grant, engaged 700 neighbors who expressed desires for nearby entertainment and other attractions. The push, designed around a 20-block span, contributed to growth of residential and commercial buildings in the area from 42 percent occupancy 12 years ago to 82 percent occupancy today, according to Southwest Solutions."

READ MORE: https://blog.thedetroithub.com/2016/02/19/affordable-housing-can-propel-neighborhood-growth/