Detroit announces $10 million KeyBank investment to help build, preserve affordable housing

DETROIT (FOX 2) - An investment from KeyBank will help create and preserve affordable housing in Detroit.

Mayor Mike Duggan announced the $10 million investment from KeyBank Community Development Lending and Investment on Wednesday.

"We are proud to help LISC Detroit and the City of Detroit with their shared goal of creating and preserving affordable housing, and to making sure that no one is left behind as Detroit continues its latest renaissance," said Derek Reed, vice president of KeyBank CDLI. 

This money will benefit the Detroit Housing for the Future Fund, a private investment fund managed by Detroit Local Initiatives Support Corporation. The fund invests private capital into affordable housing projects that need gap financing.

The fund is a part of the larger Affordable Housing Leverage Fund, an initiative of the City of Detroit’s Housing & Revitalization Department.

According to the city, since the fund launched in the fall of 2020, more than $12.7 million in funding has been approved. There has been about $40.7 million in total development. 

"We are seeing major progress in neighborhoods across the city, but we have to ensure that all Detroiters can benefit from our city’s comeback, especially those who stuck with the city during its toughest times," Duggan said. "KeyBank’s generous commitment helps ensure that all Detroiters, no matter their income, will have the opportunity to live in quality housing and in any neighborhood they choose."