New Student Grant Program will Offset Rents and Decrease Apartment Vacancies

By Veronica Grecu, Associate Editor Grosse Pointe Park city officials and the Grosse Pointe Housing Foundation launched a student grant program that would help reduce the renting cost for 580 units. According to Patch.com, the program is designed to encourage young [...]

Grosse Pointe Park city officials and the Grosse Pointe Housing Foundation launched a student grant program that would help reduce the renting cost for 580 units. According to Patch.com, the program is designed to encourage young people to move into the area and decrease the high rate of rental vacancies.

In order to qualify for this grant program, students must be enrolled in an undergraduate or graduate program at a four-year university. They must also maintain a 2.5 or higher GPA and take at least 12 credits per semester. The students will receive up to 50 percent of their rent, but the amount will not exceed $350 per month. Each housing unit will receive only one grant and students must provide a copy of their class schedule.

There are some requirements as well for the landlords who wish to enroll in this program. They must prove that the units meet the City Code of Ordinance, provide a valid Certificate of Occupancy, offer a 12-month lease and file a copy of the lease with the Grosse Pointe Housing Foundation which must approve the units for participation.

In other real estate news, the University of Phoenix plans to relocate its headquarters to the 1001 Woodward building located in the Campus Mauritius in downtown Detroit. The university is set to move into the 20,000-square-foot building by fall. According to Crain’s Detroit Business, the university was represented by Brian Schwartz from Newmark Knight Frank, a real estate consultancy firm. 1001 Woodward and its owner, Dimitrios “Jim” Papas, were represented in this deal by Fred Klugman from Klugman Commercial Properties LLC, a Detroit-based company.