MHT Housing has developed and preserved affordable housing since 1990.
Their latest initiative, with support from Comerica Bank, is the rehabilitation of McDonald Square, a 180-unit apartment complex in Detroit, MI. Situated minutes from downtown Detroit, McDonald Square has been a mainstay for residents since 1979.
MHT Housing has secured $52 million in total funding for the development. Once finished, 100% of the tax credit units will be available to residents who qualify at 60% of the area median income or less. The property will also benefit from a Section 8 contract that provides rental assistance to all units.
The goal is to make McDonald Square an affordable and sustainable housing option for years to come. This project is scheduled for completion in November 2024.
Community Support
MHT Housing — already recognized for its neighborhood clean-ups, park upgrades, donations, and participation in local events — is taking further steps to support the local community. MHT recently opened the “M Training Center”, a tuition free school geared toward MHT housing residents and other area adults that are homeless or low-income.
The M Training Center will offer students a hands-on learning experience in HVAC, electrical, plumbing, painting, appliance repair and janitorial services. The Center will also offer access to social services, navigate employment hurdles, lack of childcare or anything else that is a barrier to being hired.
While in the program, students will earn an hourly wage and once completed, they will receive full-time employment with increased wages, benefits, retirement account, and PTO.
Financing Needs
To turn the McDonald Square development project from a goal into a reality, MHT Housing worked closely with Comerica Bank to secure funding.
Leveraging the Low-Income Housing Tax Credit (LIHTC) Program, which offers a dollar-for-dollar reduction in federal income taxes for project owners, MHT lined up $20 million in equity funding. Comerica Bank provided $5 million of the LIHTC funding.
Last year, Comerica invested $94 million in LIHTC equity for construction of affordable housing projects1, like McDonald Square. In total, Comerica provided $302 million in lending and investment to support affordable housing. Comerica also seeks to invest in projects that support sustainability, the arts and other social benefits. The impact of the investments aligns with Comerica’s Outstanding CRA rating.
To learn more about Comerica’s commitment to community development, and our work with affordable housing builders like MHT Housing, visit Community Development Lending and Investing.
1For fiscal year 2023
