Detroit CDFI Coalition Celebrates More Than $1.8B of Investments in Detroit Neighborhoods
Launched more than a decade ago, the Detroit CDFI Coalition has worked to strengthen the Detroit community by bolstering community development, promoting local employment, and revitalizing neighborhoods. Since it was…
Skyscrapers of Detroit downtown are seen behind an old and neglected neighborhood
Launched more than a decade ago, the Detroit CDFI Coalition has worked to strengthen the Detroit community by bolstering community development, promoting local employment, and revitalizing neighborhoods.
Since it was founded in 2014, the Detroit CDFI Coalition has grown to include more than 30 members and has invested more than $1.8 billion in Detroit neighborhoods. The organization's successes are many:
- Leveraging more than $221 million in additional investment
- Deploying $75.5 million in loans
- Originating more than 2,100 loans
- Offering 1,400 consumer loans and more than 140 small business loans
- Creating 694 affordable housing units and 1.5 million square feet of real estate development
Jennifer Hayes, chair of the Executive Committee Coalition Board for the CDFI Detroit Coalition, serves as the senior vice president of public policy at Invest Detroit.
“Invest Detroit is the largest headquartered CDFI in Michigan,” Hayes said in an interview with Model D Media. “Last year, we deployed about $46.6 million, which leveraged an additional $271 million, and we supported over 60 projects for small businesses in the city of Detroit. That includes almost 700 jobs and almost 250 housing units in the city of Detroit. Collectively, since our inception, we've deployed over $640 million in the city of Detroit, helped build over 6,000 units, and have leveraged over $4.5 billion with our capital.”
According to Hayes, Invest Detroit has worked with Cinnaire, a nonprofit CDFI partner that has attained more than 30 years of impact and change through its hands-on, people-first approach. In addition to La Joya Gardens, other collaborative co-lending projects exist within the Grandmont Rosedale Neighborhood.
Another example of an Invest Detroit initiative is the redevelopment of a building with commercial and retail space and housing units in the Livernois McNichols Corridor.
“It's called Lily's and Elise Tea Lounge, owned by Kimberly Fisher, the only female Black tea sommelier in the state of Michigan,” Hayes explained. “It's a great example of that twofold approach of how we worked with the developers side of it, but then also the small business side of it as well.”
