Detroit received more great news this week when city leaders learned that Detroit is going to receive a total of $35 million dollars from seven companies to kickstart development in many areas of our city that some residents have said have been long neglected.
The companies that have committed $5 million each include: American Axle & Manufacturing, Blue Cross Blue Shield of Michigan, Chemical Bank, Fifth Third Bank, Flagstar Bank, Huntington Bank, and Penske Corp.
Where Will the Money Go?
There’s no doubt that $35 million can go a long way in further aiding the redevelopment of Detroit and many people want to know where the money is going to go.
As of Monday, 12/10/18, the city has announced that the redevelopment money is expected to be spent on commercial corridors, streetscapes, parks, single-family housing and affordable housing.
The neighborhoods that can expect to benefit the most from the $35 million in the coming years include:
- East Warren/Cadieux
- Grand River Northwest, Gratiot/Seven Mile
- Jefferson Chalmers
- Russell Woods/Nardin Park
With the promise of $35 million going to redevelop Detroit’s neighborhoods local activists and business leader hope that this will encourage more developers to focus on our local neighborhoods instead of just focusing on redeveloping the greater downtown area.
“We’ve been waiting for these kinds of announcements for 25 years because that’s how long we’ve had empty storefronts, if not longer.” – Al Manfroni, chief financial officer of Detroit Blight Busters,
Strategic Neighborhood Fund 2.0
At a recent meeting in the Old Redford area of Detroit, Mayor Mike Duggan enjoyed applause from local residents as he laid out the revitalization for Detroit’s neighborhoods that’s going to be “kickstarted” from the $35 million investment.
Local residents were excited to learn that the money will be put into a fund called the “Strategic Neighborhood Fund 2.0” which will also be used to create more affordable housing since it was revealed this week that Detroit could lose up to 10,000 affordable homes in the next five years due to expired tax credits.
Thankfully, the city is making the right moves, at the right time, and we are excited about what the future holds for Detroit.
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