$27.5 Million In Financing Comes Together For New Housing Developments In Detroit

Development news broke at the Crain’s Homecoming IV event that three entities – The Platform, a development company that’s been very busy as of late, Detroit native Stephen Ross (who owns the Miami Dolphins), and the Ford Foundation have teamed up to put together a total of $27.5 million in investment for developments in the city.

The Ford Foundation is putting in $10 million; The Platform $10 million; and Ross $7.5 million.

What they’ll do: They’re aiming to bring new affordable and market rate housing to a variety of Detroit neighborhoods such as Brightmoor/Old Redford, Islandview, New Center, Tech Town, Milwaukee Junction, North End, Eastern Market and Riverfront.

There aren’t specific project details, but the folks at the Platform are smart — remember they recently bought the Big Boy site in Islandview, and have recently bought some buildings in Brightmoor/Old Redford. Those buildings don’t have public plans or funding.

Words matter: “Affordable” does not equal “low income.” Affordable generally means rent adjusted to 30 percent of regional household income and is aimed at the middle class in the region, not necessarily those in poverty.