Dan Gilbert to Invest $500M in Detroit, Relieve Property Tax Debt
DETROIT — The Gilbert Family Foundation (GFF) and Rocket Community Fund will make a $500 million philanthropic investment in Detroit over the next 10 years to assist with the property tax debt of low-income homeowners. GFF will contribute $350 million, and the Rocket Community Fund will invest $150 million. Quicken Loans founder and billionaire businessman Dan Gilbert, along with his wife Jennifer, are the founders of GFF.
An initial $15 million investment from GFF will completely eliminate the property tax debt owed by an anticipated 20,000 low-income homeowners in the city of Detroit, according to a news release. GFF says this effort will assist in preserving an estimated $400 million wealth and home equity in Detroit. This investment will establish the Detroit Tax Relief Fund, which will be administered by Detroit nonprofit Wayne Metro Community Action Agency. Upon confirmation of eligibility, Wayne Metro will pay the remaining delinquent tax burden on behalf of residents. With its $150 million investment, Rocket Community Fund will continue to focus on issues of housing, employment and public life.
Gilbert’s real estate arm, Bedrock, is a full-service real estate firm with more than 100 properties in its portfolio totaling roughly 18 million square feet in downtown Detroit and Cleveland.