DETROIT — Seven companies are committing $35 million to spur development and physical improvements in Detroit’s neighborhoods. The companies include AAM, Blue Cross Blue Shield of Michigan, Chemical Bank, Fifth Third Bank, Flagstar Bank, Huntington Bank and Penske Corp. Each company’s $5 million contribution will fund physical improvements to Strategic Neighborhood Fund (SNF) areas and affordable housing citywide. Every investment will be guided by residents’ input through engagement by the city’s neighborhoods and planning departments.
The $35 million commitment is the largest corporate donation to neighborhood development in Detroit history. The funds are expected to leverage another $70 million in private investment, for a total of $105 million of new investment.The funds will be used for park improvements, commercial development to fill vacant storefronts and lots, streetscape improvements, single-family home stabilization and affordable housing development. Over the next five years, these types of improvements will be implemented in the following SNF areas: Grand River Northwest, Jefferson Chalmers, Russell Woods/Nardin Park, Campau/Banglatown, Warrendale/Cody-Rouge, Gratiot/Seven Mile, and East Warren/Cadieux.