A total of 137 single-family and multi-family housing units will be built and rehabilitated in Southwest Detroit with a $2M community development grant awarded by the U.S. Treasury.
Announced by Senators Carl Levin and Debbie Stabenow, the Community Development Financial Institution Capital Magnet Fund requires applicants and awardees to show a factor of ten for all leveraging targets. That means Southwest Solutions will leverage the $2M grant into $20M worth of total leveraged dollars for the Southwest community.
Excerpt:
"We received this Capital Magnet Fund award because of our strong partnerships with city, county, state and federal agencies, as well as other organizations working to revitalize communities, such as NeighborWorks," said Tim Thorland, executive director of Southwest Housing Solutions. "The award is an important investment in our community projects and will also enable us to leverage financing from other sources to support their development."
Find out more about Southwest Solutions
here.
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