City of Detroit creates $250 million fund to preserve affordable housing, add more

City of Detroit creates $250 million fund to preserve affordable housing, add more

The City of Detroit has established a $250 million multifamily affordable housing fund to preserve 10,000 affordable housing units and build 2,000 more. Called the Affordable Housing Leverage Fund, it will be comprised of $50 million in grant funds, $150 million of low-interest borrowing, and $50 million in public funds from expected federal and city […]

Affordable housing can propel neighborhood growth

Affordable housing can propel neighborhood growth

An old concept is getting new attention among various developers in Detroit and nationally. Mixed income housing is regaining interest as communities work to pick up the pieces left behind after the past decade’s mortgage crisis and as members of the corporate and private sector search for fertile ground in struggling urban cities. With Detroit […]