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News » US » Detroit boosts neighborhood development funding » published 9 May 2018

Detroit boosts neighborhood development funding

Detroit has announced a US$130m expansion of its program to revitalize run-down neighborhoods.

The city and partners will expand the Strategic Neighborhood Fund (SNF) to seven more neighborhoods, following the success of an initial US$42m program targeting three areas.

In partnership with Invest Detroit, the fund will raise US$130m with the aim of building 10 vibrant, areas throughout the city, touching more than 60 individual neighborhoods over the next five years. The Strategic Neighborhood Fund 2.0 will also expand its scope to include streetscapes, park improvements, commercial development and housing stabilization.

The Kresge Foundation, whose Detroit efforts focus on the revitalization of neighborhoods across the city, kicked off fundraising efforts led by the City and Invest Detroit, committing US$15m to SNF 2.0.

The city will also raise US$250m for the Affordable Housing Leveraging Fund to ensure the growing neighborhoods remain inclusive and affordable for both long-time residents and new residents. The city has already committed US$50m to the fund, which will preserve 10,000 existing affordable housing units and create 2,000 more over the next five years.

With US$42m from SNF 1.0, US$130m from SNF 2.0 and US$250m from the Affordable Housing Leveraging Fund, projected investment in the neighborhoods will reach US$422m over the next five years. That investment is expected to leverage over US$600m in private investments, pushing total neighborhood investment over US$1 billion.

“We are going to work closely with the community in every neighborhood to encourage and empower the residents to stay and be a part of this city’s comeback,” said Maurice Cox, director of Planning and Development. “The people of Detroit who have stayed through the good times and the bad must be at the forefront of this effort. We want to make sure that Detroit’s recovery includes them, because they are Detroit’s future.”

 

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This article was published on 9 May 2018 (last updated on 9 May 2018).

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