Research Park
5500 Trumbull
Detroit, Wayne County, Michigan 48208

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Funding Programs

Research Park was developed and operates with Federal housing financing. The property utilizes 3 Federal housing programs to make rent affordable to lower income tenants. These programs are Low Income Housing Tax Credit, HOME, and Project Based Sec. 8.

Section 8

Research Park has a project-based Section 8 contract. of the 244 total units at the property receive Section 8 assistance. This means that 0% 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 December 31, 1969 and the contract expires on December 31, 1969. The Section 8 contract rent is 0% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are for Zero Bedroom, for One Bedroom, for Two Bedroom, for Three Bedroom, and for Four 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 2006 for $1,062,242 with a 10 year value of $10,622,420. The property was placed in service in 2007. 244 of 244 units at Research Park 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.

HOME Investment Partnership

The property was financed in part with financing through the Federal HOME Investment Partnership Program. 244 of the 244 total units at Research Park are assisted under the HOME program. It received $2,500,000 ($10,246 per unit) in financing through the HOME program.

Overview

Research Park 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).

Research Park is an apartment community containing 98 rental units. This property serves all family types. The property contains 183 bedrooms and based on typical apartment occupancy limits, Research Park is home to not more than 346 persons when fully occupied.

Rent Subsidies

Research Park 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

Research Park contains a mix of 98 assisted one, two, three, and four bedroom apartments for rent. There are 39 One Bedroom, 39 Two Bedroom, 14 Three Bedroom, and 6 Four Bedroom apartments in this property. The unit mix is 40% One Bedroom, 40% Two Bedroom, 14% Three Bedroom, and 6% Four Bedroom apartment rentals. The average bedroom size for Research Park is 0.75.

Michigan's 14th

Congressional District

98

Total Units

244

Tax Credit Units

244

HOME Units

98

Project Based Sec. 8 Units

One, Two, Three, and Four

Unit Mix

1.87

Average Bedroom Size

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