A few years ago, we told you about the Colony Arms Apartments, deemed one of the most problematic buildings in the city. The apartment building had an infestation with bedbugs and intolerable power outages in the past. When we reported on it in 2013, DPD had received over 600 calls for service that past year at the building along East Jefferson.
Shortly thereafter, the Colony and Fisher Arms underwent a $24 million rehabilitation, and it recently celebrated its reopening. We can now call the building the River Crest Apartments.
The apartments are located across from the Joseph Berry Subdivision. The development has 161 units, with nine efficiency units, 104 one-bedroom, and 48 two-bedroom units. The release says the units are “safe, affordable, and comfortable.” Edit: We now now that in regards to rent, the property management says, “The income is restricted to at or below 60% of area median income. The rents are $622, $763, and $914 as associated with studio, one bedroom and two bedroom units. The actual rent incurred by the tenant is assisted by the Section 8 contract to a level that is affordable to their particular income situation.”
The rehab required a multi-tiered source of financing, according to the press release. This included Federal Historic Tax Credits, Federal Low Income Housing Tax Credits, an FHA loan, a renewal of Section 8 rental subsidy, Federal Home Loan Bank of Indianapolis Affordable Housing Program Funds, and vacant city owned property for secure parking.
Cinnaire, a community development financial partner, led the redevelopment. They’ve invested millions of dollars in Detroit in the past 23 years.