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Developer says New Hudson's Tower will include deep-affordability units; committee advances NEZ certificates to formal review
Summary
Bedrock Detroit presented portfolio data showing 709 of 1,681 units (42.2%) at 60% AMI or below and described enhanced affordable-housing commitments tied to the New Hudson's Tower; the Budget Finance Audit Standing Committee sent the NEZ certificate applications for 96 condominium units to formal review by consensus.
The Budget Finance Audit Standing Committee advanced NEZ certificate applications for 96 newly built condominium units in the New Hudson's Tower to formal review after a developer presentation on affordable-housing commitments.
Brian Watkins, representing Bedrock Detroit in government affairs, said the company has exceeded prior affordable-housing commitments and that, across 1,681 residential units subject to an affordable housing agreement, 709 units (42.2%) are at 60% area median income (AMI) or below. Watkins said Bedrock would apply an "enhanced commitment" for the Hudson project that would deepen affordability for certain units.
"709 of them ... are affordable at 60% AMI or less, and that represents 42.2% of our entire portfolio," Watkins said, summarizing the company's portfolio breakdown and its commitment for future developments.
Council member Gabriela Santiago Romero commended Bedrock's transparency and said the presentation gave committee members better context to evaluate the NEZ certificates' affordable-housing component. The chair praised the developer for returning to the committee to present the information before the council took action.
A motion to send line item 6.1 (the NEZ certificate applications for New Hudson's Tower) to formal with the recommendation to approve was made by a council member and advanced without objections.
Next steps: the NEZ certificate applications will be reviewed in formal committee where details of the affordable-housing commitments and certificate conditions will be examined prior to final council action.
