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DETROIT – Fannie Mae, a financier for home mortgages, recently provided a multi-million dollar financing package through Enterprise Mortgage Investments Inc. for a new multifamily development that will provide affordable rental housing to families in Detroit. The property is the Addison Apartments on Woodward Avenue. The development is a six-story elevator building with 40 one- and two-bedroom units. There will be a restaurant on the first floor.

Ten percent of the apartment units will be rent restricted for families with incomes at or below 60 percent of the areaÕs median income ($37,920). The property will be available for occupancy later this month.

Enterprise, a subsidiary of The Enterprise Foundation, is the permanent lender for the development and will service the loan for Fannie Mae. The company has financed 900 units in nine properties

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