FDIC-Insured—Backed by the full faith and credit of the U.S. Government
Independent Bank joined MHT Housing and Gesu Parish today for the groundbreaking of Gesu Senior Apartments, a new 36-unit affordable housing development for seniors in Detroit.
The project will include a new two-story residential building and the adaptive reuse of the existing Gesu Parish Center, which will be converted into community space and additional residential units. The development will offer 32 one-bedroom units and four two-bedroom units for households earning between 30% and 80% of area median income. Eight units will receive project-based rental assistance.
Independent Bank is providing a $2 million permanent loan and supported a $700,000 Affordable Housing Program grant from the Federal Home Loan Bank of Indianapolis. CREA, LLC is the Low-Income Housing Tax Credit investor, Bank of America is the construction lender, and the City of Detroit provided a $1.5 million HOME loan. 
“Access to safe, stable and affordable housing is essential to strong communities,” said Kyle Anne Johns, East Market President at Independent Bank. “Gesu Senior Apartments reflects the impact that can be achieved when community organizations, public partners and financial institutions work together to support Detroit residents.”
The groundbreaking ceremony was held at 17198 Oak in Detroit.
