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DETROIT’S SOLUTIONS
TO A CENTURY OLD PROBLEM
Building and maintaining wealth has been historically and systemically difficult for people of color in our nation. Detroit was no exception. In the 1950s and 60s Black Bottom and Paradise Valley, predominantly black neighborhoods, were demolished for redevelopment, leaving residents without property ownership.
These types of actions drained Black wealth and denied the next generation a stepping stone to financial freedom. Mayor Duggan and the City of Detroit has committed to rebuilding wealth for Detroit's Black neighbors. Focusing on three key drivers: home ownership, education and entrepreneurship.
Generational Resiliance
in Detroit's Black Community
Welcome Home, Welcome Wealth
City leadership intends to narrow the race wealth gap through projects like the Down Payment Assistance Program that offers up to $25,000 grants for eligible first-time homebuyers. Mayor Duggan’s vision is to encourage renters to become homeowners to help Black Detroiters rebuild their wealth.
It’s working. In 2023, more than 400 Detroiters became first-time homeowners after Round 1 of the $12 million, ARPA-funded Down Payment Assistance Program.
University of Michigan. (2023). The Growth of Housing Wealth in Detroit and Its Neighborhoods: 2014-2022.
Start Smart: Debt-free Education
Education is a trusted path toward wealth building. But tuition costs have soared out of reach for many people of color. Mayor Duggan, along with the Detroit City Council, created the Detroit Promise Scholarship to provide last-dollar funding, ensuring eligible Detroit trade, community college or four-year university students will graduate debt free. Detroit Promise has awarded over $10 Million in educational scholarships.
When it came time for college, Jason Philpot, graduate of Cass Tech High School, rested easily, knowing the Detroit Promise Scholarship would afford his family a tuition-free education. Jason plays running back for Central Michigan University where he studies dietetics. He is confident about his future knowing that he will graduate unburdened by student loans.
Detroit at Work, a $100 Million scholarship program, supports Detroit residents 18 and older who are seeking their first job or looking for a career change or advancement by providing over 40 programs for career-building or entrepreneurial ventures.
Detroit Rewards Business Brainiacs
When the 300+ black businesses were destroyed in Paradise Valley in the 1960s in the name of urban renewal, Detroit lost untold millions in generational wealth. To help rebuild that loss, the City of Detroit and partners created the Motor City Match to award grants to assist new business owners from conception through ribbon cutting. These grants are expected to generate more than $102 million in business investments.
James wanted to expand the family business by moving to the Avenue of Fashion. “It was important that I live in the community where my business is.” Detroit’s Motor City Match grant helped McKissic fulfill that dream. He plans to leave the business to his daughter as a part of the family legacy.
With all this success, what's next?
Detroit stands peerless among the nation’s leading cities. It’s earned its spot as a solution exporter. As it focuses on rebuilding black generational wealth, Detroit invites you to join our efforts to participate in programs and grants that help build a wealth legacy for people of color.