We’re building long-lasting change in Detroit.
Since 2000, the city has experienced a drastic drop in population. Thousands of abandoned homes and vacant lots have drained the city of the vitality and economic activity it needs to create opportunity for its citizens. As a result, residents—who are disproportionately low- to moderate-income—confront a 20 percent unemployment rate. We’re working closely with local partners to create a place-based strategy to revitalize the city and once again make it a key economic engine for the region and the nation.
Last year, we were a proud recipient of the distinguished Wells Fargo NEXT Award for Opportunity Finance, receiving $2.75 million to substantially expand our work in Detroit. With the NEXT Award, we will help develop 300-400 units of new affordable housing; generate more than 500 jobs; support more than 20 small businesses; and deploy $40 million of loan financing and $2 million of predevelopment financing in the next two to three years.
Woodward Corridor Investment Fund
Also in 2013, along with our partners, we launched the Woodward Corridor Investment Fund to bring financing to developers interested in revitalizing an area of midtown Detroit known as the Woodward Corridor, the heart of the Motor City for decades. The Woodward Corridor has occupancy rates above 95 percent with a high demand for more housing, retail, academic and medical space. With a unique combination of capital, the Fund is able to offer long-term, fixed rate loans with competitive terms for multi-family and mixed-use properties that will close during 2014.