Detroit LISC announced that it will double its investment in the city’s neighborhoods over the next three years to finance affordable homes, businesses and living-wage jobs. An article in Crain’s lays out the details of the plan, which is expected to leverage another $225 million in development, and expand investment into 10 new neighborhoods.
The excerpt below is from:
Detroit LISC commits $75 million for homes, businesses, jobs in underserved neighborhoods
By Sherri Welch, Crains Detroit Business
Detroit Local Initiatives Support Corp., a longtime funder of neighborhood development in Detroit, is shifting its investments to align with the city’s neighborhood redevelopment strategy and doubling its investment to $75 million over the next three years.
The nonprofit on Thursday night announced the increased commitment to finance thousands of affordable homes, businesses and jobs in underserved Detroit neighborhoods.
Between 2014 and 2016, LISC invested $37 million in five Detroit neighborhoods, Executive Director Tahirih Ziegler said.
It’s now expanding investments to the 10 neighborhoods that are part of the city’s plan.
The work will support Detroit Mayor Mike Duggan's targeted walkable neighborhoods development, commercial corridor infrastructure efforts and commitments to increasing housing opportunities across the city, LISC President and CEO Maurice Jones said.
“We want to make sure we are leveraging other public and private investments going into Detroit,” Ziegler said. Continued [+]...