DETROIT (AP) — PNC Bank has committed $7.5 million to creating and preserving affordable housing across Detroit.
Mayor Mike Duggan’s office says the investment was made to the Detroit Housing for the Future Fund, which directs private capital to support developments in need of gap financing.
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.
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.