McCoy Townhouses
5561 John C Lodge Fwy #71
Detroit, Wayne County, Michigan 48202

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Funding Programs

Mccoy Townhouses was developed and operates with Federal housing financing. The property utilizes 2 Federal housing programs to make rent affordable to lower income tenants. These programs are Low Income Housing Tax Credit and Project Based Sec. 8.

Section 8

Mccoy Townhouses has a project-based Section 8 contract. 74 of the 74 total units at the property receive Section 8 assistance. This means that 100% of the renter households in the property pay no more than 30% of their adjusted income for rent.

The current Section 8 contract was effective on March 03, 1978 and the contract expires on March 30, 2028. The Section 8 contract rent is 115.8% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are $863.00 for Two Bedroom and $1,148.00 for Three Bedroom.

27% of Michigan properties and 26% of all properties across the country have Section 8 rental subsidies. See the Rent Subsidies section for more.

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 2009 for $238,758 with a 10 year value of $2,387,580. The property was placed in service in 2008. 74 of 74 units at Mccoy Townhouses 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.

Overview

Mccoy Townhouses 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).

Mccoy Townhouses is an apartment community containing 74 rental units. This property serves all family types, seniors, and disabled persons. The property contains 174 bedrooms and based on typical apartment occupancy limits, Mccoy Townhouses is home to not more than 348 persons when fully occupied.

Rent Subsidies

Mccoy Townhouses provides rental subsidies to renters. The type of subsidy provided to apartment renters in Detroit, MI by this property is Project Based Sec. 8.

This subsidy allows the renter to pay 30% of his or her income for rent while the subsidy pays the difference. To qualify, a renter must earn 50% or less of the Area Median Income.

There is a minimum rent payment of not less than $25 and as much as $50 for all subsidy recipients at this property. That means that even if a renter has zero income, they will still be required to pay rent. In recent years, there have been various legislative proposals to increase the Section 8 minimum rent but advocates make the valid point that minimum rents affect the poorest of the poor.

Unit Mix

Mccoy Townhouses contains a mix of 74 assisted two and three bedroom apartments for rent. There are 48 Two Bedroom and 26 Three Bedroom apartments in this property. The unit mix is 65% Two Bedroom and 35% Three Bedroom apartment rentals. The average bedroom size for Mccoy Townhouses is 2.35.

Michigan's 14th

Congressional District

74

Total Units

74

Tax Credit Units

74

Project Based Sec. 8 Units

74

Senior Units

115.8

% of Fair Market Rent

30-Mar-28

Project Based Sec. 8 Contract Expiration

Two and Three

Unit Mix

2.35

Average Bedroom Size

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† These counts are estimates based on the data available from HUD. Learn More About Our Data