As a Community Development Financial Institution (CDFI), CSH is proud to invest in Detroit and pleased to have the opportunity to join others working on behalf of low-income and disadvantaged communities at a CDFIs convening held in Detroit on February 5. This gathering was sponsored by the Opportunity Finance Network and hosted by Quicken Loans.
At this convening, Mayor Duggan discussed a recent meeting with HUD Secretary Shaun Donovan and pledged his commitment to ending homelessness in Detroit. The Mayor shared his priorities with the group including safety, blight removal, lighting, city services, and effectively utilizing federal resources. Other highlights included hearing from Don Graves, Assistant Deputy of the Treasury and White House representative, about his role as a Federal liaison working with city leaders on their vision and revitalization of Detroit. The day ended with a tour of the city and a few of the Quick Loan business ventures, the M@dison, Federal Reserve, Chase and Dime buildings, and other key locations.
We enjoyed networking with other CDFIs and OFN and look forward to future collaboration. We shared with others a few of the ways we have invested in Detroit by promoting supportive housing, including investing in the NSO Bell Building. CSH provided an allocation of New Market Tax Credits to this building that leveraged $2 million in equity and $5 million in leverage debt.
Click here to learn more about the Bell Building and how this development is helping to end homelessness in Detroit while also playing a critical role in revitalizing the North-Central Detroit neighborhood.