Access to safe, decent, and affordable housing should be available to everyone, a right rather than a privilege.
American Community Developers (ACD) believes this and created an action plan to bring affordable housing to local neighborhoods.
“Housing affordability is a challenge across the U.S. We see it in communities across the nation,” says Mike Essian, Vice President of ACD.
Based in Detroit, ACD leads the charge as one of the nation’s largest affordable housing companies, proudly supporting 94 developments with over 12,000 units under ownership. Endeavors like this aren’t done without partners.
Jerry Krueger, President and Founder, knows ACD had found the right collaborator, “Back 30 years ago, when we were getting started in the affordable housing business, we were looking for equity sources, and they were tough to come by. We talked to Comerica, and they were very interested in doing something.”
ACD’s initial foray was more successful than they could have imagined. When it was time to expand, they turned to Comerica again, as affordable housing became increasingly vital to communities nationwide.
“If it weren’t for intentionally developing a project as affordable, a lot of folks would no longer be able to afford to live in these great communities,” Essian comments. “We are committed to setting aside a significant portion as affordable housing to make sure that these communities remain communities for everybody.”
“Since that point in time, we’ve done another six or seven additional developments where Comerica was part of the investment group.”
The future looks bright for ACD, and Jerry Krueger is positive Comerica’s flexibility and forward-thinking is the key to future success in community development. “We look forward to continuing to work with Comerica, and as our company grows and situations change, we’re confident they’ll come up with solutions for whatever the need is.”
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This information is provided for general awareness purposes only and is not intended to be relied upon as legal or compliance advice.
This article is provided for informational purposes only. While the information contained within has been compiled from source[s] which are believed to be reliable and accurate, Comerica Bank does not guarantee its accuracy. Consequently, it should not be considered a comprehensive statement on any matter nor be relied upon as such.
