Detroit takes steps to address issue with affordable housing

Officials have $250 million plan

DETROIT – It's becoming a big problem, and the city of Detroit has come up with a $250 million plan to make sure living here won't break the bank.

Detroit has bounced back from the brink, but with the city's revival, finding an affordable place to live anywhere near the city core is harder than ever. Now, officials are taking big steps to address the issue.

A $250 million fund is being established to preserve 10,000 affordable housing units across Detroit neighborhoods and develop 2,000 new units in targeted areas.

Mayor Mike Duggan's office says $50 million in grants, $50 million in public money and $150 million in low-interest borrowing will comprise the Affordable Housing Leverage Fund.

Duggan says Monday in a release that preserving and creating affordable housing is the cornerstone of Detroit's growth strategy.

He adds that "affordable housing offers stability for the city's low-income residents and provides options to households at a range of incomes in all neighborhoods."

More than 1,700 affordable housing units have been preserved in Detroit since 2015.

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