Dan Gilbert’s $20 million fund for Detroit house repairs

May 5, 2022 | Billionaire News

Dan Gilbert

There is a $20 million fund set up by Detroit billionaire Dan Gilbert and his wife, Jennifer, to pay for home repairs in the city’s older homes.

More than 1,000 homeowners should be able to get free repairs for their roofs, foundations, stairs, and other parts of their homes through a three-year plan.

The Dan Gilbert Family Foundation is giving $10 million, with $8 million coming from ProMedica and $2 million from DTE Energy, a health company and energy company.

Foundation: Enterprise Community Partners and Green & Healthy Homes Initiative will run the fund. Local groups like the Eastside Community Network and United Community Housing Coalition will help with coordination on the ground.

The whole picture: According to a University of Michigan study, about 24,000 Detroit homes, or 5% of the city’s housing stock, need a lot of work.

There has been a lot of talk about how Mayor Mike Duggan doesn’t pay enough attention to how much work is needed in the city.

Detroit is also spending $30 million of the money it got from the American Rescue Plan Act to fix-up homes in the city, as well.

This is part of Dan Gilbert’s $500 million over 10 years for Detroit philanthropic projects.

The home repair program builds on their $15 million Detroit Tax Relief Fund, which has paid off back property taxes for more than 5,000 people to stop the foreclosures. This money has been used to help people who have lost their homes.

People will need to hire contractors to do the repair work, which is a problem because there aren’t enough people in skilled jobs.

The Gilbert Family Foundation is starting the fund and giving $10 million, not the full $20 million.