KeyBank invests $10M into affordable housing around Detroit

housing market
Posted at 12:33 PM, Jan 12, 2022
and last updated 2022-01-12 12:35:48-05

DETROIT, Mich. (WXYZ) — On Wednesday, Detroit Mayor Mike Duggan and LISC Detroit have announced that KeyBank is investing $10 million into Detroit Housing for the Future Fund.

According to the press release, the Detroit Housing for the Future Fun (DHFF) represents the largest single private commitment to affordable housing in Detroit. The fund helps developers move affordable housing projects forward. After launching last year, the DHFF has raised $65.5 million of its $75 million goal.

“We are proud to help LISC Detroit and the City of Detroit with their shared goal of creating and preserving affordable housing and to making sure that no one is left behind as Detroit continues its latest renaissance,” says Vice President of KeyBank CDLI Derek Reed.

The Duggan administration has set a goal of preserving 10,000 units in Detroit and developing 2,000 new affordable housing units. The press release states that nearly 1,300 new affordable housing units have opened or are under construction.

“We are seeing major progress in neighborhoods across the city, but we have to ensure that all Detroiters can benefit from our city’s comeback, especially those who stuck with the city during its toughest times,” says Mayor Duggan. “KeyBank’s generous commitment helps ensure that all Detroiters, no matter their income, will have the opportunity to live in quality housing and in any neighborhood they choose.”

A sixth project has also been announced where 44 units in Detroit will be completely renovated. This project will occur at the Weber Apartments in the Piety Hill neighborhood. This historic apartment was built in 1927 and will become 100% affordable housing.

KeyBank has a long history of lending and investing charitable support in Detroit. The press release states that since 2017, KeyBank has invested more than $152 million in its Michigan market.