Sharyn Johnson and Aisha Morrell-Ferguson were in their office when they got the call – the state housing authority had just approved a big pot of money for them.
“Whoo! It was overwhelming joy. I think we danced. It was a very exciting time at COTS,” said Morrell-Ferguson, the chief development officer for the long-term housing program.
Totaling $16 million, the money would transform their Peterboro Arms property into a family-rental apartment – a 56-unit permanent affordable housing structure designed to stabilize Detroit’s poorest residents and give them a path to self-sufficiency.
The property is smack in midtown Detroit, the modernizing face of the Motor City’s return. Surrounded by public transportation, close proximity to business and a thriving culture and entertainment scene, the center of Detroit offers all the amenities families could desire. Think Little Caesars Arena or the Masonic Temple and anything else drawing attention down the Woodward corridor. But such eclectic offerings come at a price.