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Midtown program seeks to prevent residents from being priced out of neighborhood

View of Midtown

Gentrification is an issue being talked about a great deal in Detroit. It's a problem that's especially acute in neighborhoods like Midtown, where rents are rising so fast even tenants with steady jobs are having trouble keeping up.
 
That's one reason why Midtown, Inc. has launched their "Stay Midtown" cash assistance program.
 
According to a Detroit Free Press article written by John Gallagher, "The pilot program is aimed at residents of Midtown with annual household incomes that are 50 to 80 percent of area median income levels, or as low as $23,450 for a single person or $30,150 for a single parent with two children. Residents qualifying for help would receive up to $4,500 over a three-year period to bring their total housing expenses down to 30 percent of their income, a level considered normal under federal guidelines."
 
Funding for the program comes from the Kresge Foundation, Ford Foundation, and "the specialized lender Capital Impact Partners, which also helped design the program."
 
Midtown, Inc. hopes to help 100 households with the initial round of fund disbursements. 
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