Detroit Mayor Mike Duggan has made neighborhood revitalization a top priority for the City, consistent with his vision of “One Detroit. For All of Us.” and commitment to an inclusive and equitable city.
The Strategic Neighborhood Fund (SNF) and the Affordable Housing Leverage Fund (AHLF) are important tools in this effort and will aggressively spread improvement projects throughout Detroit. The SNF was initiated in three neighborhoods in 2014, starting with $42 million in contributions. Late last year, it was announced that SNF will be expanded to another seven neighborhoods with an additional $130 million in financial support. The AHLF will fund affordable housing projects throughout Detroit with $250 million in support. Together, the initiatives account for $422 million in private and public support and are expected to leverage more than $1 billion in investment in Detroit neighborhoods.
The Strategic Neighborhood Fund is a partnership between the City of Detroit, Invest Detroit, neighborhood residents and corporate donors. SNF funds community-driven projects in four specific areas – park improvements, streetscape improvements, commercial corridor development, and affordable single-family home stabilization. Each project begins by soliciting input from residents with support and oversight from the City’s Planning and Development Department and the Department of Neighborhoods.
Improvements funded through SNF are already underway in three neighborhoods, and more projects are being planned for seven new neighborhoods now included in SNF thanks to the generous support of the seven new corporate funders.
The Affordable Housing Leverage Fund supports the creation and maintenance of affordable housing in neighborhoods throughout the entire City. Managed by the Local Initiatives Support Corporation (LISC), funding for affordable housing will be made available quarterly in 2019. Interested developers – both established and emerging – can apply for funding through LISC.
SNF and AHLF comprise an ambitious initiative, stretching over the next five years with projects in many different phases of development. This is made possible by a pooled funding structure in which donated funds are used in designated neighborhoods according to an established planning/construction sequence. All 10 neighborhoods will benefit from SNF investments according to schedule, while AHLF projects will be funded in 10 neighborhoods and citywide throughout the same period. The City appreciates the generosity of its corporate donors, and their willingness to pool funds to ensure steady, consistent progress throughout Detroit.
For more information on the Strategic Neighborhood Fund, read our brochure.
