Ford Foundation backs Detroit housing development



The Platform is a private developer that creates neighborhood-development plans focusing on market-rate and affordable housing in parts of the city outside of previous downtown revitalization efforts.

New York-based Ford Foundation has committed $10 million to the effort — one of the early investments in a commitment of $1 billion from its endowment to social and community impact investments (see, Ford Foundation to tap endowment for $1 billion to fight injustice and inequality).

“The city is resurging. (But) by the same token, not everybody is a part of that,” Xav Briggs, a vice president at Ford Foundation, told Crain’s.

The project has raised a total of $27.5 million, including $7.5 million from Stephen Ross, the billionaire developer and Miami Dolphins owner, and $10 million of The Platform’s own capital.

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