Dan Gilbert announces $500M investment in Detroit neighborhoods
READ: Local organizations to invest $500M into Detroit, eliminate homeowner property tax debt for thousandsThe funds will start with help for homeowners with overdue property taxes. “No person should have to make the decision of the choice between keeping them home of feeding their family,” Gilbert said. Gilbert and his wife, Jennifer, are pledging half of a billion dollars through the Gilbert Family Foundation and the Rocket Community Fund to make a real impact on the problems people face. “I’d much rather see property taxes paid, interest and penalties waived, fees waived, fees removed and people have the ability to pay their taxes,” Evans said. AdTo learn more about the organizations’ investment, visit the Gilbert Family Foundation’s website here.
$500M fund to help Detroit neighborhoods, pay tax debt
The effort is kicking off with $15 million to pay off the property tax debt of 20,000 of the city's poorest homeowners. The $15 million Detroit Tax Relief Fund will leverage existing state and local programs that eliminate or reduce property tax bills, then pay off the remaining tax bill. It will be administered by a local nonprofit that also will provide counseling to homeowners to keep them out of future property tax debt. “It’s a problem that is ... massive and it's contagious.”Quianna Sims is one of the Detroit homeowners who will have their tax debt paid off. ___This story has been updated to correct that the Detroit Tax Relief Fund is only the $15 million that will pay off the property tax debt.
Local organizations to invest $500M into Detroit, eliminate homeowner property tax debt for thousands
One major announcement: Part of the investment will eliminate property tax debt owed by tens of thousands of low-income Detroit homeowners. According to officials, an initial investment of $15 million from the Gilbert Family Foundation will be used to establish the Detroit Tax Relief Fund. Through the fund, an estimated 20,000 low-income homeowners in Detroit will have their property tax debt completely wiped away. The Rocket Community Fund operates under the company. “This impactful announcement comes with a promise of a brighter future and a deepened commitment to Detroit.”AdTo learn more about the organizations’ investment, visit the Gilbert Family Foundation’s website here.