The ceremonial groundbreaking occurred on June 9 on the corner lot of Eastwood and Queen, marking the first phase of a strategy to revitalize the northeast corridor of Detroit. This project represents a $10 million dollar investment in the community.
"We continue to help to restore neighborhoods, and housing has always been a key to that," said Mike Fisher, head of the Detroit Community Initiative (DCI) at the groundbreaking ceremony. "This groundbreaking means that we can say there is truly affordable housing in the neighborhoods, which is so desperately needed."
"I am extremely excited to be a part of this development," said Byna Elliott, board chair, Northeast Village CDC and Fifth Third Bank's community relations officer. "We are working hard to make our northeast community a great place to raise families."
Also in attendance at the groundbreaking was Darci McConnell, president of Mc Connell Communications; Rev. Ken Leither, pastor, Winning Our World Church and Life Center; Ken Herrmann, Fifth Third Bank; Barbara Jean Johnson, Office of the Governor; State Sen. Martha G. Scott, District 2; Martha Reeves, Detroit City Council; and Valerie V. Weatherly, director of housing development.
Fifth Third Bank provided a loan of $8.9 million and invested $2 million in tax credits to help make this program possible. Over the next three-to-five years, Fifth Third plans on investing $50 million in the housing stock of this community. It will happen through in-fill rental housing, for sale housing both affordable and market rate, rehabilitation of housing, and working with the current homeowners for home improvement grants and loans.
Northeast Village CDC is a subsidiary of DCI. It has played a critical role in revitalizing the commercial district by leading the way with over $40 million in commercial investment. The housing development is the second in the latest of an 11-year effort to vivify the city's east side by ushering in cleaner neighborhoods, new developments, youth opportunities and safer streets.
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