The City of Detroit released new details Monday of an ambitious plan to establish a $250 million affordable housing fund that will preserve 10,000 existing units in neighborhoods throughout the city and develop 2,000 new units within the next five years. According to the city, the Affordable Housing Leverage Fund will be funded with $50 million of grant funds, $150 million of low-interest loans, and $50 million in public funds from expected federal and city funds for affordable housing over the next five years.
Source: Detroit Free Press