Business Leaders for Michigan (formerly Detroit Renaissance) and its business and foundation partners established three predevelopment loan funds to act as catalysts for development in Detroit. Included in this group of funds are the Woodward Corridor Development Fund (WCDF), the Real Estate Assistance Fund (REAF) and the Michigan State Housing Development Authority (MSHDA) Fund. These funds provide predevelopment loans that are typically not available through traditional financing sources at the critical early stages of the development process. The loan programs are designed to promote development of commercial, residential and mixed-use projects in Detroit by assisting both individual developers and community organizations with predevelopment loans.

The Detroit Investment Fund is a $52 million private capital fund created by Business Leaders for Michigan to provide financing for growing commercial and industrial businesses, residential real estate development projects and special projects which address strategic needs of the city of Detroit. The Detroit Renaissance predevelopment loan funds are managed by the Detroit Investment Fund.

Woodward Corridor Development Fund

WCDF was established to assist in the revitalization of its target area in the lower Woodward Corridor by encouraging the development of new and renovated quality housing. WCDF financing is intended to enable the borrower to assemble the necessary predevelopment information so that project financing can be secured from traditional sources.

WCDF Eligible Projects

WCDF supports various types of housing development including single and multi-family rental and/or individual owner units. Multi-family developments are preferred. Mixed-use developments with an emphasis on housing may also be considered. WCDF project boundaries are Grand Boulevard to the north, the Chrysler Freeway (I-75, I-375) to the east, the Lodge Freeway (M-10) to the west, and the Detroit River to the south.

Real Estate Assistance Fund

The REAF was created to assist developers with the acquisition of land, purchase options and other predevelopment needs. Projects that have the involvement of community based organizations and potential for significant positive impact on the community are targeted. Examples of REAF projects include the Orchestra Hall development, Detroit Opera House, Mexicantown Welcome Center and Mercado, and the Inn on Ferry Street.

REAF Eligible Projects

REAF provides financing for a variety of projects, including: residential, commercial, mixed-use, industrial, institutional and recreational. Projects must be located in Detroit and must include the involvement of nonprofit partners.

Michigan State Housing Development Authority Fund

The purpose of the MSHDA Fund is to encourage revitalization and development with a focus on neighborhood areas. It was created to help jump start residential and commercial development projects by community based organizations in Detroit. The Fund provides financial assistance for land assembly activities necessary to implement a defined development project.

MSHDA Fund Eligible Projects

Community based organizations that have adequate capacity, sound project development plans, demonstrated commitment to the community, and partners in the public and/or private sectors are eligible for financing. Financing uses for the Fund include, but are not limited to, land options, land acquisition, title work, environmental studies, property clean-up, project financial analysis, legal work, site planning and design, appraisals, survey work, and construction work necessary to preserve the structural integrity of a building.

Loan Guidelines and Application Form

The Business Leaders for Michigan (formerly Detroit Renaissance) predevelopment loan funds are managed by the Detroit Investment Fund. For more information on the loan funds and an application form that applies to all of the predevelopment loan funds, please click here. If you have any questions or would like to discuss a potential project, please contact Steve Rose at (313) 259-6368.

600 Renaissance Center ▪ Suite 1710 ▪ Detroit, MI ▪ 48243
Tel: 313.259.6368 Fax: 313.259.6393
www.detroitinvestmentfund.com