DETROIT (AP) — A $250 million fund is being established to preserve 10,000 affordable housing units across Detroit neighborhoods and develop 2,000 new units in targeted areas.
Mayor Mike Duggan’s office says $50 million in grants, $50 million in public money and $150 million in low-interest borrowing will comprise the Affordable Housing Leverage Fund.
Duggan says Monday in a release that preserving and creating affordable housing is the cornerstone of Detroit’s growth strategy.
He adds that “affordable housing offers stability for the city’s low-income residents and provides options to households at a range of incomes in all neighborhoods.”
More than 1,700 affordable housing units have been preserved in Detroit since 2015.