LISC Detroit and Detroit mayor Mike Duggan have announced a $10 million investment from KeyBank in support of the creation and preservation of affordable housing in the city.

The investment will support the Detroit Housing for the Future Fund (DHFF), a private investment fund launched in 2020 and managed by LISC that invests private capital into affordable housing projects to close financing gaps and move the developments forward. The Duggan administration set a goal of preserving ten thousand units of existing affordable housing and the development of two thousand new units through multiple public and private housing initiatives including DHFF. The fund has now raised $65.5 million toward its $75 million goal.

“The affordable housing shortage is one of the biggest issues facing our city right now,” said LISC Midwest Program vice president Tahirih Ziegler. “KeyBank’s $10 million contribution will go a long way in helping us to make a more equitable Detroit and provide quality affordable housing for Detroiters. LISC believes that all Detroiters, regardless of their economic means, deserve to live in quality affordable housing and that affordable housing is key to ensuring Detroit remains a place for all.”

(Photo credit: Getty Images/TennesseePhotographer)