Posted beneath are latest news and press releases from the UCCA. Please select below.
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Newberry Housing Renovation
Date: 06/30/2010
Construction has just begun on the former 1898-vintage Helen Newberry Nurses’ Home in Midtown. By next spring, the building at East Willis and John R. is poised to emerge as a super-green, mixed-use complex of 22 living/work spaces and eight art studio/retail spaces geared towards artists. The building is on track for Energy Star rating and is set to accomplish energy reduction below 50% of current ASHRAE standards. Solar power will offset 20% of the buildings energy load and a geothermal system will provide heating and cooling. The units will rent for approximately $1.00 to $1.15 per square foot.
This redevelopment was made possible through the sale of historic tax credits to Comerica Bank, and HUD and Invest Detroit funding.
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Comerica has a long history of commitment to reinvestment in the community. Programs that promote the economic revitalization and growth of communities and the markets we serve are a priority. Economic assistance from Comerica has helped improve neighborhoods, provide seed money for small business owners, and enable countless numbers of people to purchase their first home.
Website: www.comerica.com
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HUD’s mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and protect consumers; meet the need for quality affordable rental homes: utilize housing as a platform for improving quality of life; build inclusive and sustainable communities free from discrimination; and transform the way HUD does business.
Website: www.hud.gov
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The Detroit Investment Fund is a $52 million private capital fund created by Business Leaders for Michigan (formerly Detroit Renaissance) to provide financing for growing commercial and industrial businesses, residential real estate development projects and special projects which address strategic needs of the city of Detroit.
The Detroit Investment Fund provides capital loans, which leverage owner equity so that the contemplated transaction will merit traditional financing.
Website: http://www.detinvfund.com/
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