PONTIAC, Mich – Two new affordable housing complexes are being developed in Pontiac.
“These two transformative developments represent $44.6 million investment right here in Pontiac,” Mary Riegle, Chief Philanthropy Officer of Lighthouse, said on Wednesday morning.
The Pontiac-based nonprofit broke ground on the homes during a ceremony on Wednesday (July 23) morning.
“It’s about building, stability, dignity, and opportunity while creating a future where more families can have a place to call home,” Riegle said.
The complexes will be known as Auburn Place, which will be a new five-story, 54-unit apartment building, and Beacon Place, which will renovate 28 apartments and 12 townhomes
“We’re building on this vacant lot,” Riegel said. “We’re improving Beacon behind us. It’s so important for the community to make it a stronger, more sustainable community for everyone.”
All units will be affordable, with rent subsidized based on tenant income, meaning residents will pay no more than one-third of their gross income toward rent.
A portion of the apartments is also designated for people with disabilities.
The groundbreaking comes amid an affordable housing crisis in the state, which has seen an estimated 190,000-unit deficit in affordable housing, according to the Michigan State Housing Development Authority.
It also comes as housing prices in Oakland County – and particularly Pontiac – continue to rise.
According to Zillow, housing prices in the county are up nearly 3 percent over last year, while in Pontiac, they’re up 5.4%.
Auburn and Beacon are the latest projects in Southeast Michigan involving Lighthouse.
In that project, Lighthouse is partnering with the Roxbury Group and Ethos Development partners, and it will include 117 affordable senior housing units as part of nearly 200 livable units in the building, which is set to open to the public by fall 2026.