Riverside Estates Apartments
1830 Magnolia St
Detroit, Wayne County, Michigan 48208

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Funding Programs

Riverside Estates Apartments 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 HOME.

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. The property was placed in service in 2004. 66 of 67 units at Riverside Estates Apartments 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. 66 of the 67 total units at Riverside Estates Apartments are assisted under the HOME program.

Overview

Riverside Estates Apartments 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).

Riverside Estates Apartments is an apartment community containing 67 rental units. This property serves all family types and disabled persons. The property contains 138 bedrooms and based on typical apartment occupancy limits, Riverside Estates Apartments is home to not more than 266 persons when fully occupied.

Rental Subsidies

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.

Unit Mix

Riverside Estates Apartments contains a mix of 67 assisted one, two, and three bedroom apartments for rent. There are 20 One Bedroom, 23 Two Bedroom, and 24 Three Bedroom apartments in this property. The unit mix is 30% One Bedroom, 34% Two Bedroom, and 36% Three Bedroom apartment rentals. The average bedroom size for Riverside Estates Apartments is 2.06.

Michigan's 14th

Congressional District

67

Total Units

66

Tax Credit Units

66

HOME Units

One, Two, and Three

Unit Mix

2.06

Average Bedroom Size

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