GRDC is teaming up with Develop Detroit to implement an innovative new approach to renovating homes in Grandmont Rosedale. The program will utilize New Markets Tax Credits (NMTC) to help finance the cost of renovations. The NMTC program has been used to finance commercial and mixed-use projects in Detroit, but its use for home renovations is novel.
Housing Partnership Network (HPN) has provided Develop Detroit with a $5 million dollar tax credit allocation for this project, which will include renovation projects in Detroit’s North End neighborhood as well as Grandmont Rosedale. Develop Detroit is a city-wide non-profit housing organization created by HPN in 2015. This project will mark GRDC’s first collaboration with Develop Detroit
Homes have not yet been selected for renovation but will be concentrated in the Minock Park and Grandmont #1 neighborhoods, as well as select areas just west of Evergreen Road. Target areas were selected based on NMTC eligibility requirements. The renovation of cost of vacant and blighted homes in these areas is expected to exceed current market values. The NMTC helps raise funds to fill the development gap through the sale of tax credits to social-minded investors.
With grant funds to support housing renovation becoming harder and harder to come by, this innovative partnership will help GRDC to continue its work of providing quality homes for families who want to call Grandmont Rosedale home.