DETROIT (AP) - PNC Bank has committed $7.5 million to creating and preserving affordable housing across Detroit.
The investment was made to the Detroit Housing for the Future Fund which directs private capital to support developments in need of gap financing, according to Mayor Mike Duggan's office.
The city has a goal of preserving 10,000 units of existing affordable housing and developing 2,000 units of new affordable housing through public and private initiatives.
More than 1,000 new affordable housing units have opened or are under construction in Detroit while nearly 7,000 existing units either have had their affordable rents extended for another 15 to 30 years or are in the pipeline to have them extended.
The Detroit Housing for the Future Fund was launched last year. It has a goal of raising $75 million. So far, $48 million has been raised.
Developers, especially housing developers, often have difficulty finding capital to finance gaps in development or redevelopment costs, the city said.
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