Lower Woodward Housing Fund

The Lower Woodward Housing Fund (LWHF) is a $20 million fund intended to promote the development of a downtown neighborhood through loans to qualified residential and mixed-use projects that will significantly increase the residential population of Detroit’s downtown core.

The LWHF’s objective is to increase market demand and elevate property values through concentrated residential real estate development in a targeted area that attracts residents into the downtown, making the streets livelier, and providing support for commercial and retail businesses.

The LWHF is an initiative of the Lower Woodward Improvement Agenda and is designed to work concurrently with other Lower Woodward Initiatives: Remediation/Raze Renovations, Streetscape Improvements, and 50/50 Owner Match (i.e. façade improvements, building clean up and parking lot edges). These initiatives are designed to improve the downtown Central Business District core, improve the vitality of the city by creating a 24-hour residential community and provide momentum for downtown Detroit’s residential revitalization. Collectively they represent a collaboration of downtown property owners and stakeholders, the City of Detroit, Wayne County, State of Michigan and Federal Governments and private Foundations and Corporations.

Programs

• A catalyst for the creation of new housing in downtown Detroit
• Provide gap financing – loans will be subordinated to Senior and Junior lenders
• Provide long-term patient capital with a defined repayment strategy
• Concentrated development – investments in the target area of Detroit’s downtown core
• Collaborative effort with experienced developers and partners

Loan Size

Less than $2.5 million¹
1. Loan size will be determined by the impact of the project and the risk associated with the transaction.

Dollars Invested

$7.4 million

Dollars Leveraged

$97.5 million

Residential Units Developed

296

Residential Floorspace Developed

296,444 square feet

Jobs Created

Over 250²
2. Through creation of commercial space in mixed-use projects.

Target Area

Residential and mix-use projects within the green overlay on the map below are eligible for the Lower Woodward Housing Fund. To view a larger map with additional details visit Google Maps.

General Loan Criteria

Each transaction is tailored to meet the needs of the project. To participate, an applicant must have the following:

• Property located within the funding boundary in the Lower Woodward area of downtown
• An equity stake in the project to be funded
• Demonstrated ability to undertake residential development
• Sponsorship from a financial institution
• Completion of predevelopment work and a documented project timeline
• Formal agreements with an experienced development team
• Proof of ownership of the property to be developed

Funding for the Lower Woodward Housing Fund was provided by Business Leaders for Michigan (formerly Detroit Renaissance) in concert with the Kresge Foundation, Hudson-Webber Foundation and the Downtown Development Authority (DDA).

Contact Information

Interested applicants are encouraged to contact Mary Seaberg King to determine eligibility prior to submitting materials.

Mary Seaberg King
Invest Detroit
600 Renaissance Center, Suite 1710
Detroit, MI 48243-1802
mary.king@investdetroit.com
p: 313-259-6368
f: 313-259-6393