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Historic apartment buildings receive $24M investment, re-open as affordable housing complex


In November 2013, Detroit Police called the Colony and Fisher Arms Apartments the most problematic addresses in the city. It was then when a combined force of 150 officers from different law enforcement agencies raided the east side apartment complex, arresting 33 people.

Just over three years later and the historic apartment complex is in the news for completely different reasons. On the morning of Jan. 28, 2017, more than one hundred people, including Mayor Mike Duggan, Detroit Police Department Chief James Craig, and Detroit City Council President Brenda Jones, gathered to celebrate the rehabilitation and re-opening of the 161-unit affordable housing apartment complex.

A combination of financing pieced together by Cinnaire and Chesapeake Community Advisors made the project possible, having secured $24 million dollars in financing. That multi-tiered financing included Federal Historic Tax Credits, Federal Low Income Housing Tax Credits, an FHA loan, a renewal of Section 8 rental subsidy, and Federal Home Loan Bank of Indianapolis Affordable Housing Program Funds. The city of Detroit contributed vacant city-owned property for secure parking for the residents.

"It is a completely different place," says Mayor Mike Duggan. "This is the quality we're going to continue to build for the people of the City of Detroit."

To reflect the new and improved apartments, the historic Colony and Fisher Arms Apartments have undergone a name change and have since been re-branded as the River Crest Apartments.

Cinnaire, a non-profit community development group, has contributed $500 million in investment in Detroit over the last 23 years. Cinnaire, Chesapeake Community Advisors, and Building Blocks received Spirit of Detroit awards from City Council President Brenda Jones.

River Crest Apartments is located at 9333 and 9303 E. Jefferson Ave. in Detroit.

Got a development news story to share? Email MJ Galbraith here or send him a tweet @mikegalbraith.

Read more articles by MJ Galbraith.

MJ Galbraith is Model D's development news editor. Follow him on Twitter @mikegalbraith.
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