Detroit Mayor Duggan Announces $10M Commitment To Affordable Housing

(CBS DETROIT) - Detroit Mayor Mike Duggan announced a $10 million commitment to preserve and create affordable housing in Detroit.

The KeyBank Community Development Lending and Investment (CDLI) made the $10 million commitment to the Detroit Housing for the Future Fund (DHFF), which represents the largest single private commitment to affordable housing in Detroit's history.

DHFF projects represent about $40.7 million in total development costs since the fund's launch in the fall of 2020.

These projects represent the creation or the preservation of 224 affordable housing units in Detroit.

"KeyBank is committed to the communities we serve. This investment is a key part of our efforts to create more strategic partnerships with Community Development Financial Intuitions across the nation and build on the success of our National Community Benefits Plan," 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 Duggan administration set a goal of preserving 10,000 affordable housing units that already exist and creating 2,000 units of new affordable housing.

So far, almost 1,300 new affordable housing units have opened, and 5,700 existing affordable units have extended their affordable rents for another 15 to 30 years or are in the extension process.

"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 Mayor 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."

In addition to announcing the $10 million commitment, a sixth project was announced.

• The Weber Apartments, a currently vacant historic apartment building at 655 Hazelwood St. in the Piety Hill neighborhood, will receive a $4.4 million renovation and offer 44 affordable housing units.
• The Belnord, at 324 Hendrie in Midtown, will receive a $2.9M renovation and offer 29 affordable housing units.

For more information on the Detroit Housing for the Future Fund, visit here.

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