Detroit, Wayne County, Michigan. USA.
Detroit is the largest city in the State of Michigan, located in the upper Eastern portion of the United States. This major industrial centre is also a port city on the Detroit River, and located North of Windsor, Ontario. In fact, Detroit is the only major US city that looks South to 
Canada! It was founded in 1701 by the Frenchman ‘Antoine de la Mothe Cadillac’ and is home to in excess of 5.4 million people.
In 2004, led by Metro Detroit, Michigan ranked second nationally in new corporate facilities and expansions. From 1997 to 2004, Michigan was the only state to top the 10,000 mark for the number of major new developments
This is a sprawling industrial area, full of industry, technology and working class people.
MARKET SUMMARY IN DETOIT
In the past year we have seen over 30,000 foreclosures in the Detroit area. With this fact the Banks and the City of Detroit now have a vast amount of homes on the market and their books to sell in bulk sales to our investors. In order to get these units on the HCV rental coupon market, each will undergo refurbishment to meet HCV and HUD standards.
US DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD)
SECTION 8 HOUSING CHOICE VOUCHER (HCV)
Our project seeks to take advantage of the affordable housing program formally put in place by the US Department of Housing and Urban Development (HUD) in co-operation with the State of Michigan. The Housing Choice Voucher Program (HCV) is seen as the best in the United States, benefiting both tenants and landlords alike.
TENANT DEMAND
Currently the Detroit Housing Association is looking to us to provide 5,200 refurbished houses for HCV coupon recipients by 
the end of December 2009.
| HCV Waiting List Total: 9,176 (from DCH Website) | ||
| Extremely Low Income | 7,764 | 84.61% |
| Families with Children | 8,345 | 90.90% |
| Elderly Families | 632 | 6.80% |
| Families with Disabilities | 896 | 9.76% |
This program is a ‘one strike’ program. Unlike the UK where unruly tenants just seem to get re-housed; this doesn’t happen in the USA under HUD and HCV. Tenants that are evicted from a HUD home loose any future right to join a HUD or HCV program anywhere in the USA, for life. That also goes for any other occupants in the property above the age of 18. Harsh yes, but this ensures that Tenants don’t abuse the property and treat it like their own home, which it is. This stance has ensured an extremely low percentage of evictions.
See more detail of how these investments works or contact us for a chat.