Discuss Detroit Archives - Beginning January 2007 $12 million to ShoreBank for Detroit development Previous Next
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Detroitsfirstson
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Username: Detroitsfirstson

Post Number: 2
Registered: 01-2007
Posted on Friday, January 19, 2007 - 12:35 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

http://www.crainsdetroit.com/a pps/pbcs.dll/article?AID=/2007 0119/REG/70119002/1011

Maybe with this type of money, we can finally get our neighborhood problems solved!!!! Whatcha think?
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Detroitplanner
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Username: Detroitplanner

Post Number: 806
Registered: 04-2006
Posted on Friday, January 19, 2007 - 1:40 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

$12 million, when looking at the total net worth of Detroit's housing and infrastructure is really not much. Most banks are required by law to fund mortgages in lower income areas.

Sorry I can't get to excited over this, though investment in general is a good thing.
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Detroitsfirstson
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Username: Detroitsfirstson

Post Number: 3
Registered: 01-2007
Posted on Sunday, January 21, 2007 - 1:29 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

2 or 3 million dollars would go a LONG why in an area like Brightmoor or the Northend. Maybe not so much in EEV, but if that money could be used to bring in some commercial ie Chilli's, Fridays, the people over there would be estatic and that would even help me out in Berry. I would have to go all the way to Harper Woods to get family dining.

That money is not just for mortgages like CRA provides for. ShoreBank is a development bank, so this money will go for retail and housing
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Titancub
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Username: Titancub

Post Number: 28
Registered: 08-2006
Posted on Sunday, January 21, 2007 - 1:47 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Baby steps - every project and $12M here or there helps build something. Midtown and downtown have that going, now if that can branch into some other neighborhoods its good to hear and hope for.

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