Unrestricted assets from the Lower Woodward Housing Fund, a fund established by Detroit Renaissance with support from the DEGC and several foundations 10 years ago has awarded the Downtown Detroit Partnership (DDP) and Detroit Economic Growth Corporation (DEGC) each with $1 million in funding over 3 years.
The Lower Woodward Housing Fund was originally established to increase real estate development in the lower Woodward corridor. However, as the housing market has softened, it makes sense to re-deploy these funds in a way that is consistent with creating development downtown. DDP will use the grant to fund their downtown marketing program. DECG will use it to fund continuation of the business attraction program started three years ago.
Their grant will also be matched with funds from the DEGC, and the Hudson-Webber, and Kresge Foundations.