Duggan announces new loan program for downtown Detroit housing

Detroit Mayor Mike Duggan on Tuesday announced a new financing tool for developers to build more affordable housing in downtown Detroit, and the first project expected to get loans to create new subsidized units is the District Detroit development with a $24 million investment. Detroit's Downtown Development Authority, or DDA, must approve the final guidelines for the loan program, which would mark the first time since the entity was created in the the 1970s that it would target financial backing for affordable housing, officials said. Under the program, developers can...