Presbyterian Villages of Michigan is expanding senior care in Detroit, Michigan.
Their new initiative, the PACE (Program for All-Inclusive Care for the Elderly) Center, is designed to enable seniors to age in place through comprehensive and coordinated care. With this care, seniors can stay in their communities and out of more clinical settings like nursing homes.
The PACE Center will be part of a larger $50MM project that will substantially rehab, modernize, and expand the Village of Westland.
In addition to the creation of the PACE Center, the project will also use Low-Income Housing Tax Credit (LIHTC) financing, which offers a dollar-for-dollar reduction in federal income taxes for project owners, to substantially renovate 104 units of affordable senior housing and create 35 additional units. The campus includes an additional 170 residential and adult foster care units that will not be renovated as part of the current project.
Renovations are planned to finish in May 2024. This project will create and retain 139 permanent jobs and 148 construction jobs.
Community Impact
The PACE philosophy focuses on complete care for local seniors, helping them age in their community and personal residence.
To accomplish this, the PACE team focuses on preventative care. Seniors are picked up from their homes and brought to the facility where they will receive food and medical services and then returned home at the end of the day. Comprehensive medical and social services to low-income seniors who are dual Medicaid and Medicare eligible is also provided.
This model ensures only 7% of nationwide PACE participants live in nursing homes.
Financing Needs
The Village of Westland project requires $53 million in total funding. Presbyterian Villages worked with Comerica to secure funding and continue to execute on their community mission.
The PACE Center build takes advantage of the New Market Tax Credit program, which provides financing at below-market interest rates and offers tax credit incentives for private capital financiers. The project also Low-Income Housing Tax Credit (LIHTC) financing, with $3 million in equity funds from Comerica Bank.
Last year, Comerica invested $94 million in LIHTC equity for construction of affordable housing projects1, like Westland Pace Center. In total, Comerica provided $302 million in lending and investment to support affordable housing. Comerica also seeks to invest in projects that support sustainability, the arts and other social benefits. The impact of the investments aligns with Comerica’s Outstanding CRA rating.
To learn more about Comerica’s commitment to community development, visit the Community Development Lending and Investments home page.
1For fiscal year 2023
