Henry Ford Health investing $15M neighborhood projects near Detroit, Jackson hospitals
Henry Ford Health is investing $15 million to support affordable housing, small businesses and neighborhood development projects in communities surrounding its hospitals in Detroit and Jackson.
The health system announced the investment in partnership with Opportunity Resource Fund, a Michigan-based community development financial institution that will manage the lending pool and issue loans to qualified applicants.
Henry Ford Health CEO Bob Riney said the funding is intended to address factors outside of traditional health care that can have a significant impact on people's well-being.
"What I really hope for is that some of the patients that we currently see will be able to come in and talk to their primary care physician and say one of the major stresses in my life is no longer present," Riney said.
The loans can be used for affordable housing developments, home repairs, small-business growth, grocery stores and other essential services, as well as childcare centers, senior facilities and community clinics.
According to Henry Ford Health, $11 million will support projects in neighborhoods near Henry Ford Hospital in Detroit, while $4 million will support projects near Henry Ford Jackson Hospital.
Two loans have already been issued. One is helping stabilize affordable housing in Detroit's Virginia Park neighborhood. Another is supporting the redevelopment of a long-vacant building that will become a mixed-use development featuring housing and daycare services.
That project is being led by Holcomb Development.
"We are already under construction. A brand new roof just went on, and we are moving onto the inside right now, so we will hand the keys over to the daycare 12 months from right now, and then we'll start moving people into the units in January 2028," said Gary Brownell, founder and president of Holcomb Development.
Riney said housing was a particularly important focus because of its long-term impact on families and communities.
"Housing is generational. If you get people into safe housing, that not only impacts their health, but they have some equity. They have a way to pass that on to the next generation, and so that was particularly appealing to us because health comes from breaking the cycle of poverty," he said.
Eligible borrowers include first-time homebuyers, homeowners making repairs, small businesses and developers creating affordable and workforce housing.
Opportunity Resource Fund President and CEO Byna Elliott encouraged people to apply, even if they have been turned away by traditional lenders in the past.
"I can tell you the number of yeses we say when people don't think they're ready, when, in fact, they are, but they've been told no so many times from traditional lenders that they actually tell themselves no," Elliott said. "We want them to apply because even if it's a not yet, we're going to work with them over time."
People interested in applying can visit oppfund.org to learn more about funding opportunities and connect with a loan officer.
