On Oct. 2, 2024, the city of Detroit continued its path to resurgence as officials announced the third phase of the Strategic Neighborhood Fund (SNF). The City of Detroit and Invest Detroit aim to raise $40 million in this round, following $75 million raised in the first two phases. In total, $262 million has been allocated for new investment in commercial corridors, affordable housing and parks across 10 neighborhoods.
Established in 2017, the SNF is a partnership between Invest Detroit and the city of Detroit. It was created to reenergize the city and bring life to businesses and communities that are the lifeblood of Detroit. New funding will continue progress in supporting small businesses, developers and real estate investments.
“Thanks to Invest Detroit and our corporate and philanthropic partners, the first two rounds of SNF have spurred major development in 10 neighborhood clusters around the city, providing more affordable housing, improved parks and revitalized commercial corridors,” Mayor Mike Duggan said. “Having another $40 million to invest in these areas will attract even more private investment and continue the progress in these neighborhoods.”
The Gilbert Family Foundation will lead the charge in this third phase. The foundation has already committed $15 million to the program as part of its 10-year, $500 million joint commitment with Rocket Community Fund to build opportunity in Detroit neighborhoods.
“The Strategic Neighborhood Fund’s success spurring inclusive economic growth shows the transformative impact that can come from taking a highly targeted and collaborative approach to neighborhood investment,” said Laura Grannemann, executive director of the Gilbert Family Foundation. “We are proud to be the lead sponsor of phase three and encourage others in the philanthropic and corporate community to join the effort and help us ensure that prosperity reaches every corner of our city.”
The Ralph C. Wilson Jr. Foundation is contributing an additional $5 million to support phase three. Their contribution will fund commercial corridors, the Spark Grant Program and Invest Detroit’s program evaluation and administrative efforts.
“The heart of Detroit lies in its people, and we believe that by nurturing its neighborhoods, we’re investing in its future,” said Eric Phamdo, program officer at the Ralph C. Wilson Jr. Foundation. “Economic prosperity doesn’t happen overnight, but through collaboration between the public, private and philanthropic sectors, we’re seeing revitalized commercial corridors and empowering entrepreneurs to turn their dreams into reality.”
Philanthropic organizations and corporate donors have partnered with residents over a yearlong planning process to bring to life a vision that helps beautify the city, increase business and raise incomes. Detroit officials say they are dedicated to elevating the city through the spirit of community.
