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Dan Gilbert Announces $500 Million Investment in Detroit Neighborhoods – News

Charles E. Ramirez and James David Dickson reports on a new approach to Detroit revitalization—moving out of Downtown and into the city’s neighborhoods. 

In recent years, as investments in Detroit transformed much of downtown and Midtown, a short drive away on any main road — up Woodward, up Grand River, down Jefferson, up Gratiot — told a different story, and for some Detroiters the real story: the city’s neighborhoods, where its people live, where its small businesses call home, are still struggling.

Dan Gilbert, the billionaire who has been credited as the driver of the ongoing revitalization of Downtown Detroit, announced this week a substantial development in the narrative of the city by saying he plans to invest $500 million in neighborhood revitalization.

“The Quicken Loans Inc. founder and Cleveland Cavaliers owner made the announcement during an interview that aired Thursday on ‘CBS This Morning,’ and expanded on it at a 10 a.m. press conference at One Campus Martius,” report Ramirez and Dickson.

“The business titan told CBS the effort will start with $15 million for overdue property taxes. It will cover about 20,000 homes, Jay Farner, CEO of Rocket Mortgage, said.” The Detroit Tax Relief Fund will be administered by the homeowner’s property tax assistance program and Pay As You Stay (PAYS), both under the Wayne County Treasurer’s Office.

More on Gilbert’s civic activities and development investments in the past decade are included in the article, in addition to a discussion about the role of Gilbert’s company, in the sub-prime and mortgage foreclosure crisis of the Great Recession.

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