Dan Gilbert, alongside wife Jennifer, and several partners announced a $500 million dollar contribution to the citizens of Detroit to help relieve some of their financial worries.
The multi-million dollar contribution will go towards helping thousands of Detroit homeowners pay property taxes in the fight to keep families in their homes. To stretch over a ten-year time frame, the funds will go towards several community programs to enhance financial stability and keep residents to stay in Wayne county.
The Gilbert Family Foundation, the philanthropic arm of the Quicken Loans conglomerate will donate $350 million dollars and the Rocket Community Fund will add an additional $150 million dollars to further the economic commitment to Detroiters.
“Everyone deserves to achieve the American dream of homeownership, and that includes the ability to sustainably and permanently enjoy the home you make for yourself, your family and your loved ones,” said Dan Gilbert. “The greatest resource of any community is its people, and we are honored to be able to invest in removing this tax burden, which will build a stronger foundation for Detroit families to thrive.”
The first $15 million dollars will be used to completely wipe out back property taxes for low-income residents of Detroit. Targeting 20,000 homeowners — the Detroit Tax Relief Fund will help to keep residents in their homes giving them the opportunity to focus on and invest in their community.
Mayor Mike Duggan was also on hand to share his support for the program. Giving accolades to Dan Gilbert’s vision, the city’s mayor shared Gilbert has been able to help 1,100 tenants become homeowners before the $500 million-dollar initiative. With one in four Detroit properties foreclosed upon, the mayor expressed his excitement for Detroiters and this new plan to end property tax issues for thousands.
“This is an extraordinary day for the city of Detroit. A major step forward on the strategy to break the cycle of generational poverty in the city and for 20,000 people,” Mayor Duggan says.
Formally, many Detroit residents qualified for Detroit’s Homeowners Property Tax Assistance Program, but due to lack of knowledge, residents who have been hit hard by property taxes did not apply. During a 2019 canvas of the city’s homeowners, Rocket Community Fund uncovered over 90 percent of Detroiters were eligible for the HPTAP program. Now, with a surging amount of penalties, fees and interest, Detroiters have found themselves in debt and at risk of foreclosure.
“Big problems require even bigger solutions that address the symptoms as well as the systems that have contributed to the challenges Detroit continues to face,” said Jennifer Gilbert, co-founder of the Gilbert Family Foundation. “We look forward to working with existing and future partners to drive systemic change in Detroit.”
One-third of homeowners across the city face problems with paying property taxes forcing some residents to abandon the homes they have established for their families. Adding to the city’s blight issue, poverty increases, high crime rates, and homelessness, foreclosures are not in the best interest of Detroit’s growing economic future.
“It’s not the properties we cared about. It’s the people,” says Dan Gilbert.
Working to distribute funds, Wayne Metro Community Action Agency will help facilitate and qualify low-income families for the program.
Moving forward, The Gilbert Family Foundation will work hand-in-hand with residents who took part in the Detroit Tax Relief Fund to determine future programs to assist the city’s hardest-hit communities. With an overwhelmingly large African American population, Detroit’s Black community has faced its fair share of systemic racism and financial instability across various sectors. Now, with this commitment, residents will see the playing field begin to level.
“This unparalleled commitment builds off of the work we have done over the past several years and scales it in a way that will allow us to continue addressing issues that have been facing Detroiters for generations alongside the Gilbert Family Foundation,” says Laura Grannemann, Vice President of the Rocket Community Fund. “This impactful announcement comes with a promise of a brighter future and a deepened commitment to Detroit.
For residents looking to check their eligibility for the Detroit Tax Relief Fund, HPTAP, or the state’s Pay As You Stay Program, which works in conjunction with HPTAP, are encouraged to call Wayne Metro at 313-244-0274 or visit their website
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