Fund to preserve, develop affordable housing in Detroit

Cropped Photo: 401(K) 2012 / CC BY-SA 2.0
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DETROIT (AP) (3/12/2018) - 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.

(Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

3/12/2018 10:57:22 AM (GMT -4:00)



 
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