DETROIT (WWJ) -- A step towards preserving and creating affordable housing in Detroit was made Wednesday by Mayor Mike Duggan.
The Local Initiatives Support Cooperation (LISC) Detroit and Duggan announced a $10 million investment from KeyBank Community Development Lending and Investment (CDLI) which will provide a commitment to affordable housing in the city through the Detroit Housing for the Future Fund (DHFF).
“KeyBank is committed to the communities we serve,” said Derek Reed, vice president of KeyBank CDLI. “We are proud to help LISC Detroit and the City of Detroit with their shared goal of creating and preserving affordable housing, and to making sure that no one is left behind as Detroit continues its latest renaissance.”
The DHFF, which was announced by Duggan in 2020, is a private investment fund managed by LISC and they state that they're committed to investing private capital into affordable housing projects in need of gap financing to move the developments forward.
DHFF projects represent about $40.7 million in total development costs, with a combined DHFF investment of more than $12.7 million since the fund’s launch.
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“We are seeing major progress in neighborhoods across the city, but we have to ensure that all Detroiters can benefit from our city’s comeback, especially those who stuck with the city during its toughest times,” said Duggan. “KeyBank’s generous commitment helps ensure that all Detroiters, no matter their income, will have the opportunity to live in quality housing and in any neighborhood they choose.”
The Duggan administration said they have set a goal of preserving 10,000 units of existing affordable housing and the development of 2,000 units of new affordable housing through multiple public and private housing initiatives.
As of today, nearly 1,300 new affordable housing units have opened or are under construction in the city while nearly 5,700 existing affordable units either have had their affordable rents extended for another 15 to 30 years or are in the process to have them extended.
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