Seven Detroit neighborhoods would see $130 million in investment as part of a major, coordinated campaign with the Kresge Foundation.
They’re going to do it through expanding the Strategic Neighborhood Fund. The first round was a $42 million campaign focused on three Detroit neighborhoods. The so-called 2.0 will also expand its scope to include streetscapes, park improvements, commercial development and housing.
The Kresge Foundation has committed $15 million to kick off the capital campaign.
Additionally, the city of Detroit is raising $250 million for an Affordable Housing Leveraging Fund to ensure these growing neighborhoods remain inclusive and affordable for both long-time residents and new residents.
The city has already committed $50 million to the fund, which official say will preserve and create affordable housing units over the next five years.
With $422 million in fund dollars over the next five years, it’s expected an additional $600 million in private investments with come to the city’s neighborhoods. That’d put the total neighborhood investment at more than $1 billion.
This 2.0 fund would cover the neighborhoods of Grand River Northwest, Warrendale/Cody-Rouge, Russell Woods/Nardin Park, Campau/Banglatown, Gratiot/7-Mile, East Warren/Cadieux, and Jefferson Chalmers.
They join the first three areas seeing intense focus. Those are Islandview/Greater Villages, Vernor/Southwest, and Livernois-McNichols.
The money for the funds will come from foundations, nonprofits, public-private partnership and various governmental sources.
According to the city, this is how the money will be used.
$49 million will be allocated to make walkable streetscape improvements.
$50 million will be invested in commercial corridor improvements to support commercial, mixed-use and multifamily developments.
$21 million will be invested in parks.
$7 million will be invested in single-family home stabilization to increase population density in the target neighborhoods.
And $3 million will be invested in neighborhood planning efforts to work with the community and coordinate efforts.
