The DDA has signed off on $50 million in public funding to help District Detroit. If even half of the proposed projects get built, I'll be happy.
DDA panel backs public aid for Ilitch-Ross District Detroit development
Quote:
The board’s finance committee approved on Friday a trio of 34-year, 1% loans totaling $23.76 million to help cover hard construction costs for the development's three residential projects with affordable housing as well as a $25 million reimbursement to cover infrastructure costs across its 10 planned developments. The matter goes before the full DDA board on Wednesday.
The loan program under the DDA’s Housing, Office, Retail Development and Absorption Fund is a new financing tool the agency says will help residential developers offer more discounted rents for low-income Detroiters within the DDA boundaries.
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https://www.detroitnews.com/story/bu...s/69786459007/