12801 KERCHEVAL Street Detroit, MI 48215 2729

Gray Street Phase 1 and 2 consists of four 2 bedroom and thirty 3 bedrooms apartment units and three individual 1,000 square foot commercial spaces. Phase 1 was built in 2005 as affordable housing and in its last year of a 15 year tax credit deal. Phase 2 was built in 2011 is in its 8th year of the 15 year extended period. All buildings meticulously maintained. 100% occupied with some of the tenants living here since developed, waitlist for future residents. Phase 1 consists of 15 duplexes (30 units total) w/ indiv. driveways and detached garages per unit. Per the regulatory docs, 20% of the property must be rented to families at 45% median income and the other 80% must be rented at 50% income. Phase 2 consists of 1 building that has 3 COMMERCIAL UNITS of 1,000 square feet each and 4 apartment above. Phase 2 has an income limit of 60% of median income. Phase 1 is on the 4% PILOT program for taxes and Phase 2 is on the 10% PILOT program.