PNC Bank Commits $7.5 Million To Create Affordable Housing In Detroit
(CBS DETROIT) - Mayor Mike Duggan and PNC Bank announced the bank's $7.5 million commitment to help create and preserve affordable housing in Detroit through investing in the Detroit Housing for the Future Fund (DHFF).
The DHFF was created by the mayor to direct private capital to support affordable housing developments in need of gap financing.
Since the fund launched seven months ago, $48 million of the fund's goal of $75 million has been raised.
The Duggan Administration has made affordable housing a top priority so Detroiters are not forced out of their homes due to increasing rents.
"Development is happening in neighborhoods across the city, but it doesn't mean much if the Detroiters who stuck with the city during the tough times can't afford to stay and participate in its comeback," said Mayor Duggan. "PNC Bank's generous commitment helps ensure that all Detroiters, no matter their income, will have the opportunity to live in any neighborhood they choose."
The administration set a goal of preserving 10,000 units of existing affordable housing and the development of 2,000 units of new affordable housing through multiple public and private housing initiatives including DHFF.
So far, 1,000 new affordable housing units have opened, or are under construction, and 7,000 exisitng affordable housing units have had their rents extended.
PNC has a long history of supporting Detroit through different investments.
This includes Develop Detroit's Sugar Hill mixed-use development in Midtown.
PNC made a $10 million New Markets Tax Credit investment in addition to a $4 million loan.
Fourteen of the 68 apartments are set aside for affordable housing, with a focus on housing veterans.
In addition to investments in housing developments, PNC also has invested over $4 million into Detroit preschools to help provide classroom programming, field trips, teacher training, and more.
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