Heritage Place at Magnolia is an affordable housing community for Seniors in Detroit, MI. Our amenities include a hair salon, library, fitness room, and a laundry room on all floors. Please call our site manager for more information.
24hr Emergency Maintenance
Close to Dining
Close to Downtown District
Close to Shopping
Managed By Interstate Realty Management
Heritage Place at Magnolia for Seniors was developed and operates with Federal housing financing.
The property utilizes the Low Income Housing Tax Credit Federal housing program to make rent affordable to lower income tenants.
Low Income Housing Tax Credit
The property was developed using the Low Income Housing Tax Credit Program.
This program incentivizes investors to inject capital into rental apartments for lower income Americans.
The property received a tax credit allocation in 2004 for $798,328 with a 10 year value of $7,983,280.
The property was placed in service in 2006.
88 of 88
units at Heritage Place at Magnolia for Seniors are low income and subject to the tax credit program.
The property, at the time of the tax credit allocation,
was located in
a Qualified Census Tract qualifying it for additional tax credit financing.
Heritage Place at Magnolia for Seniors is an affordable apartment community located in Detroit, Michigan
which is located in Wayne County.
The property is located in Michigan's 14th Congressional
District served by Representative Brenda Lawrence (D),
Senator Gary Peters (D) and Senator Debbie Stabenow (D).
Heritage Place at Magnolia for Seniors is an apartment community containing 88 rental units.
This property serves seniors and disabled persons. The property contains 127 bedrooms and based on typical apartment occupancy limits, Heritage Place at Magnolia for Seniors
is home to not more than 229† persons when fully occupied.
This property does not provide any Federal rent subsidies to renters
reducing total tenant payments to 30% of their adjusted income. Renters are required to
pay the full rent, even if it is in excess of 30% of their income. In some cases the
property may accept Section 8 Housing Choice vouchers.
Heritage Place at Magnolia for Seniors contains a mix of 88 assisted
one and two bedroom apartments for rent. There are 49 One Bedroom and 39 Two Bedroom apartments in this property. The unit mix is 56% One Bedroom and 44% Two Bedroom apartment rentals. The average bedroom size for Heritage Place at Magnolia for Seniors is 1.44.