8330 On the River
8330 On the River is a high-rise building located on the banks of the Detroit River across from Belle Isle, and includes 280 apartments affordable to low-income elderly residents. The building was originally offered in a portfolio with five others, all nearing expiration of their Section 236 rent restrictions. It was against this backdrop that POAH and the Michigan State Housing Development Authority (MSHDA) pursued the opportunity to maintain affordability when 8330 On the River became available in 2003.
POAH was the first organization to apply to MSHDA for funds under its innovative “236 Preservation Program,”and received financing to purchase 8330 On the River. As part of the 2003 and 2004 renovations, apartments received new windows, sliding doors, and refreshing coat of paint. More importantly, the residents received assurances that their homes would be available and affordable for years to come. POAH undertook additional renovations in 2010 and 2011.
The 18-story building envelope was clad with an insulated metal panel system that greatly improved the building’s thermal performance. New flooring was installed in most apartments.
- US Department of Housing and Urban Development (HUD)
- Michigan State Housing Development Authority (MSHDA)
- Centerline Capital Group
- The Preservation Challenge
- Alden Torch Financial, LLC