Launched in February 2017, the fund has to date invested a total of $42 million in three Detroit neighborhoods — Islandview/Greater Villages, Vernor/Southwest, and Livernois-McNichols. In phase two, the partnership hopes to raise $130 million — including $56 million in corporate and philanthropic support, to be matched by local, state, and federal dollars — and expand its activities into seven additional neighborhoods: Northwest Grand River, Warrendale/Cody Rouge, Russell Woods/Nardin Park, Campau/Banglatown, Gratiot/7 Mile, East Warren/Cadieux, and Jefferson Chalmers. Kresge is the first funder to announce a commitment to SNF 2.0, which is aligned with a number of its Detroit Program initiatives, including ongoing support for community development organizations and investments in the Livernois-McNichols area.
In addition to enlarging its geographic footprint, SNF 2.0 will broaden the scope of its investments to include parks, streetscape improvements, commercial corridors, and single-family housing. Of the $130 million total, the fund anticipates investing $49 million in efforts to create walkable streets that attract businesses and pedestrians; $50 million in support of commercial, mixed-use, and multifamily development; $21 million to create new neighborhood parks and improve existing ones; $7 million to rehabilitate single-family homes; and $3 million to support and coordinate neighborhood planning efforts with residents. The fund also will coordinate with the city's Affordable Housing Leveraging Fund, which is working to raise $250 million to preserve ten thousand affordable housing units and create two thousand more to ensure that the revitalized neighborhoods remain inclusive and affordable for both new and longtime residents of the city.
"Kresge is proud to join with the city administration in this ambitious step toward the deep and systematic revitalization of neighborhoods," said Kresge Foundation president Rip Rapson. "It is an effort that is as complicated as it is important. It will require all segments of our community — residents, businesses, community — and faith-based organizations, public agencies, and foundations — to work hand-in-glove. For Kresge, that means that we will seek to layer multiple forms of investments — from community-based projects across the city to operating support for community nonprofits to the concentrated housing, economic development, and open space investments intended to catalyze the renewal of neighborhoods like Livernois-McNichols. And now, much as the Grand Bargain united a coalition of city advocates to reset the municipal machinery, the Strategic Neighborhood Fund heralds a turning point for neighborhoods. Now is the time to show we mean it when we say neighborhoods are the heart and soul of the city."
(Image credit: City of Detroit)