Detroit Establishes $250M Affordable Housing Fund

Mar 12, 2018

Detroit Mayor Mike Duggan has announced plans to establish a $250 million multifamily affordable housing fund that is designed to preserve 10,000 existing affordable housing units while developing 2,000 new units.

During his annual State of the City speech, Duggan debuted the Affordable Housing Leverage Fund as being comprised of $50 million of grant funds, $150 million of low-interest borrowing, and $50 million in public funds from expected federal and city funds. This mayor added that he planned to achieve the fund’s goal over the next five years.

“The preservation and creation of affordable housing is the cornerstone of our growth strategy,” said Mayor Mike Duggan. “Affordable housing offers stability for the city’s low-income residents and provides options to households at a range of incomes in all neighborhoods. This is what we are talking about when we say that we are building one city for all of us.”

Arthur Jemison, Detroit’s Director of Housing and Revitalization, acknowledged that the city is borrowing the successful examples of other urban centers that faced affordable housing crises.

“We have had a chance to observe and speak with leaders from Washington, D.C., Chicago, and San Francisco and learned how they have had to make major investments in affordable housing after the real estate market grew and missed some opportunities to include affordability in their revitalization,” Jemison said. “With a strategy and fund of this kind, we hope to learn from their efforts and invest in affordable housing now.”

About the author

Phil Hall

Link copied

Published

Mar 12, 2018

People On The Move

Atlantic Bay Taps Lindsay Barbera To Lead Louisiana Expansion

Mortgage veteran will lead lender’s first Louisiana branch as Atlantic Bay continues expanding across the South

Atlantic Bay Mortgage Group has tapped mortgage industry veteran Lindsay Barbera to lead its newly launched Louisiana operation, marking the lender's first expansion into the state.Barbera, a Baton Rouge native with more than 20 years of mortgage industry experience, will se...

People On The Move

UWM Names Vandy Fartaj Its First Chief Investment Officer

Former CrossCountry and Pennymac executive takes newly created role overseeing capital markets and investment strategy

United Wholesale Mortgage has named mortgage banking and capital markets veteran Vandad “Vandy” Fartaj as its first chief investment officer, creating a new executive position focused on capital markets, investment strategy, and portfolio management.Fartaj brings roughly thr...

Oct

Denver, CO

More from

Industry News

CHLA: More Freddie Mac MBS Buying Could Narrow Mortgage Spreads

Trade group estimates greater Freddie participation could compress spreads another 10 to 12 basis points as Fannie has taken the lead in GSE mortgage-bond buying

Industry News

Sep 23, 2026

Early Loan-Limit Race Splits Into Three Tiers

Lenders are now offering $845,000, $847,440, or $850,000 before FHFA sets the official 2027 limits

Industry News

Sep 23, 2026

Better, Garg Clash Over Claimed 46% Shareholder Support

Better disputes its former CEO’s preliminary consent count as the two sides trade accusations and an Oct. 2 target date approaches

C-Suite Strategies

Sep 23, 2026

Fannie Changes How Rent From A Former Home Counts

Fannie now prohibits leases for departing residences and permits market-analysis tools instead of Form 1007, creating a key documentation difference from Freddie Mac

Regulation and Compliance

Sep 22, 2026

MPF Expands Eligibility For Manufactured And Renovation Loans

The Mortgage Partnership Finance Program has expanded MPF Traditional eligibility for affordable loans, manufactured homes, renovations, and lender-funded assistance

Industry News

Sep 22, 2026