Blue Cross Blue Shield of Michigan Invests in Detroit NeighborhoodsOctober 2, 2019
“Blue Cross has made significant investments in downtown and our communities, and we’re pleased to join the mayor and community leaders to amplify those investments in ways that strengthen Detroit’s neighborhoods,” explained Daniel Loepp, CEO BCBSM.
The Strategic Neighborhood Fund will oversee the investment, which seeks to bring new life to the area with a focus on neighborhood stabilization, commercial corridors, mixed-use development, and improvements to park. The funds will be disbursed through 2022 and provide support for improved streetscapes and sidewalks, local business startups, and preserved affordable housing. Residents will be involved in identifying which projects are important and is invited to suggest additional ideas at community planning meetings.
BCBSM is one of the seven corporate partners that have each committed $5 million over five years to support the Affordable Housing Leverage Fund and the city’s Strategic Neighborhood Fund. The others are American Axle and Manufacturing, Chemical Bank, Fifth Third Bank, Flagstar Bank, Huntington Bank, and the Penske Group. Mayor Duggan plans to add additional private sector contributions to increase financial involvement in Detroit communities over the next five years.