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DETROIT-A 312-unit rental development was recently purchased by the Michigan StateHousing Development Authority for $12.5 million. The authority plans to rehabilitate the Martin Luther King Homes II complex, which serves low-to moderate-income families.

The complex, located at the intersection of Chene and East Jefferson inDetroit, consists of eight studio and 100 one-bedroom apartments and 118two-bedroom and 54 three-bedroom town homes.

All 312 units will be available for residents with incomes no greater than60% of area median.

Exterior improvements to Martin Luther King Homes II will include replacingthe sidewalks, front porches, siding, gutters and downspouts, handrails,roofs, windows, and interior and exterior doors. Units will receive newflooring, bathtubs, cabinets, hot water heaters, refrigerators and ranges,furnaces, air conditioning, and lighting.

The purchase and rehabilitation was arranged through a loan, financed underthe authority’s Limited Obligation Mortgage Revenue Bonds “Pass ThroughProgram,” which offers low interest loans to profit or nonprofitdevelopers for new construction or rehabilitation of rental developments.

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