Dan Gilbert announces a $ 500 million investment in Detroit’s neighborhoods

DETROIT – Dan Gilbert made an announcement on Thursday that will directly impact Detroit for years to come – A total of $ 500 million will be invested in the city of Detroit and its residents over the next 10 years, on behalf of a joint initiative of the Gilbert Family Foundation and the Rocket Community Fund.

READ: Local organizations are investing $ 500 million in Detroit, eliminating homeowners’ property taxes for thousands

The money will start with help for homeowners with real estate taxes in arrears.

Over the past decade, the city of Detroit, Wayne County and Gilbert have attacked the property tax foreclosure problem, but it remains a problem for about 20,000 Detroit residents who find themselves in an endless circle of low incomes, high bills, and scrambling to get around. to come. .

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Gilbert said it must stop to move Metro Detroit forward.

“No one should have to make the decision whether to keep them at home or feed their families,” Gilbert said.

Gilbert and his wife, Jennifer, pledge half a billion dollars through the Gilbert Family Foundation and the Rocket Community Fund to make a real impact on the problems people face.

The first attempt will invest $ 15 million in real estate tax refunds, which can often lead to harrowing generational poverty.

“We’d rather go deep into a handful of important and critical issues and have a big impact on them than just spread out money like Santa,” Gilbert said.

This is the beginning of giving purpose to ensure that Detroiters no longer look back financially and move forward in maintaining and improving their homes.

Detroit Mayor Mike Duggan said that with this investment, foreclosure sales are no longer the big problem.

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“The stress is that you have people with bills from four, five or six years ago hanging over their heads, making them insecure every day in their lives,” Duggan said. “What the Gilberts have done is give them a path to financial security.”

The fund will be managed by the local nonprofit Wayne Metropolitan Community Action Agency, which is already working to help Detroit residents with home-related payments through property tax and related services. Click here to see if you qualify.

This tax liability pension money will inevitably end up with the city and county, but Wayne County director Warren Evans said there’s a lot more at stake here.

“I’d much rather see property taxes paid, interest and fines waived, fees waived and people having the option to pay their taxes,” Evans said. “That’s going to build a stronger Wayne County.”

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Gilbert estimates that $ 15 million will pay the taxes due, leaving $ 485 million for other issues. He said he has not decided where the money will go and that he is focusing on one problem at a time.

To learn more about the organization’s investment, visit the Gilbert Family Foundation website here.