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Fannie Mae Loans Money for Detroit Apartment Development

DETROIT - Multi-million dollar package arranged through Enterprise Mortgage for Woodward apartments, with 10 percent low-income units.

By Robert Carr | Updated on December 05, 2000

DETROIT – Fannie Mae, a financier for home mortgages, recently provided a multi-million dollar financing package through Enterprise Mortgage Investments Inc. for a new multifamily development that will provide affordable rental housing to families in Detroit. The property is the Addison Apartments on Woodward Avenue. The development is a six-story elevator building with 40 one- and two-bedroom units. There will be a restaurant on the first floor.

Ten percent of the apartment units will be rent restricted for families with incomes at or below 60 percent of the areaÕs median income ($37,920). The property will be available for occupancy later this month.

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