The Detroit City Government is working with the state and federal governments to develop a new funding source for Detroit City development.
Detroit Mayor Mike Duggan and Michigan State Treasurer Josh Mandel have announced the City Development Share Fund, which is intended to finance the construction of new public housing projects, as well as other infrastructure, to help revitalize the city.
The City Development Trust, the Michigan Economic Development Corporation and the Detroit Development Corporation will all receive a cut of the fund, according to a press release from the mayor’s office.
The funding will be divided between three types of projects:The City Share Fund is a separate source of state funding that can be used to fund private-sector development in the city, including private development of public housing.
The city has historically been able to use the City Share to fund a variety of infrastructure projects, such as streets and sidewalks, and transit and water systems.
The City Share was created by the city in 2001 to finance new buildings and infrastructure improvements, but the city hasn’t had the resources it needs to do that since then.
Detroit’s Department of Economic Development and Innovation (DEIDI) has also created a City Share Capital Fund, a separate fund that can use the city’s City Share funds to finance infrastructure improvements.
It is intended for infrastructure projects in Detroit and across the state.
The DEIDI Capital Fund is currently operating at a $2.6 billion deficit, and is expected to hit a $10 billion deficit in 2018.
This new fund is designed to make Detroit’s City Development funds more attractive for private-public partnerships, or PPPs.
PPP are companies that build public housing, and their costs are covered by the state’s public housing program.
Private-private partnerships typically charge a lower price for their construction than the public housing system does.
It was hoped that the new City Share fund would give Detroit PPP a shot at capitalizing on the city as a private-private partner, allowing them to bring in additional funding.
The new funding comes on the heels of another move that was announced in February by Duggan to increase the number of housing units in Detroit.
According to the Detroit News, the city is working to increase a housing unit count to 5,000 by 2021.
The move was seen as a major step forward in the redevelopment of the city and the city council approved the plan in April.
As of May, the number was 5,912 units, which was the highest since the program was launched in the early 2000s.