McDonnell Tower Apartments and River Park Place Apartments in Southfield are undergoing $18 million in renovations.
The housing projects are a joint venture between Southfield-based Larc Community Development Group and the Southfield Housing Authority. Larc has developed and preserved more than 6,000 low-income housing units throughout the state of Michigan.
McDonnell Tower Apartments, 24400 Civic Center Dr., was originally constructed in 1975. Consisting of 162 units, the 11-story apartment building is restricted to households ages 62 and older. The River Park Place Apartment complex, 24300 Civic Center Dr., was originally constructed in 1978. It has 245 low-income rental housing units consisting of 182 age-restricted units for senior households age 62 and older, and additional units in eight townhomes for general or family occupancy.
The $18 million loan by Citizens Bank help fund the renovation of the housing units, which will continue to be available to tenants at or below 60 percent area median income. In addition, Citizens Bank committed more than $13.5 million in tax credit equity to the two developments through the purchase of Low-Income Housing Tax Credits.