The Ralph C. Wilson Jr. Foundation is making a $10 million grant to Detroit's Strategic Neighborhood Fund to improve commercial corridors and parks across 10 neighborhoods.
The Ralph C. Wilson Jr. Foundation is making a $10 million grant to Detroit's Strategic Neighborhood Fund to improve commercial corridors and parks across 10 neighborhoods.
Seven corporations — American Axle & Manufacturing Holdings Inc., Blue Cross Blue Shield of Michigan, Fifth Third Bank, Flagstar Bank, Huntington Bank, Penske Corp. and TCF/Chemical Bank — have each agreed to contribute $5 million. Half of the total $35 million from those companies is directed toward the LISC Affordable Housing Leverage Fund, and the other half goes toward the neighborhood revitalization fund, dubbed SNF 2.0.
"Over the next five years, this grant will help to strengthen and grow these commercial corridors," Lavea Brachman, vice president of programs for the Wilson Foundation, said at a Wednesday event announcing the grant. "We're excited to make investments that drive inclusive small business in neighborhoods."
To date, SNF has raised $50.1 million, or 85 percent of its $59 million goal. Funds raised for SNF 2.0 include $10 million from the Wilson Foundation, $17.5 million from the aforementioned corporations, $5 million from JPMorgan Chase, $15 million from the Kresge Foundation, $2 million from the Skillman Foundation, $500,000 from the Ford Foundation and $125,000 from Bank of America.
The Wilson Foundation's grant is part of its place-based investments aimed at "driving job growth, building community wealth and generating additional economic development," according to the release.
"If it were not for these funds, the aperture, the entire scale of our vision would be different because we would be working only with the funds that the city and potentially the state might be able to bring to bear," Arthur Jemison, Detroit's group executive for housing, planning and development, said at Wednesday's event.
A community engagement process at each of the targeted neighborhoods will inform how the investment is used. The SNF neighborhoods are Grand River Northwest, Warrendale/Cody-Rouge, Russell Woods/Nardin Park, Campau/Banglatown, Gratiot/Seven Mile, East Warren/Cadieux, Jefferson Chalmers, Islandview/Greater Villages, Vernor/Southwest and Livernois-McNichols.
