Gilbert Family Foundation And Rocket Community Fund℠ To Invest $500 Million In Detroit

The Gilbert Family Foundation (GFF) and Rocket Community Fund announced an unprecedented and transformational $500 million philanthropic investment over the next 10 years, to be accomplished through strategic contributions to community organizations. The Gilbert Family Foundation will contribute $350 million, and the Rocket Community Fund will invest $150 million.

The philanthropic strategy will focus on building on-ramps to economic stability through investments in breaking down generational barriers and jumpstarting opportunities for economic stability and wealth creation.

An initial $15 million investment from the Gilbert Family Foundation will eliminate the property tax debt owed by low-income homeowners in the city of Detroit. In doing so, the foundation assists in preserving an estimated $400 million in wealth and home equity in Detroit. This investment will establish the Detroit Tax Relief Fund, administered by Detroit nonprofit Wayne Metro Community Action Agency.

Following the first initiative, the Gilbert Family Foundation plans to remain connected to the homeowners supported through the Detroit Tax Relief Fund to shape future investments in economic opportunity and mobility. The Gilbert Family Foundation will build short-term and long-term partnerships that break down systemic barriers, create new community-informed resources and successful program scale.

Nonprofit organizations and individuals interested in learning more about future requests for proposal from the Gilbert Family Foundation can visit GilbertFamilyFoundation.org.

The Rocket Community Fund will also invest $150 million of the overall $500 million commitment into Detroit over the next 10 years, continuing to focus on its primary issue areas of housing, employment and public life. It’s the Rocket Community Fund’s flagship Neighbor to Neighbor program that helped drive an unparalleled 94% reduction of the number of homes entering the 2019 Wayne County Tax Auction compared to 2015. This program also identified a need for the Make It Home program, which supports renters and low-income homeowners vulnerable to displacement due to property tax foreclosure. Make It Home has helped more than 1,100 Detroit families stay in their homes and simultaneously created hundreds of new homeowners.

Outside of housing, The Rocket Community Fund serves as national youth development nonprofit Urban Alliance’s anchor employer in Detroit for its flagship youth employment model and works with the Detroit Police Athletic League (PAL) on mentorship and educational programs. It’s also a partner in Connected Futures, which provided more than 44,000 Detroit Public School Community District students with tablets and internet access amidst the ongoing pandemic. Its annual Rocket Mortgage Detroit Demo Day entrepreneurial pitch competition has provided more than $4.4 million to Detroit-based startups and businesses over the past 4 years.

Additionally, the Rocket Community Fund sponsors numerous programs, events and activations all over Detroit, increasing access to safe, inclusive public spaces and events that build economic and social resiliency and sparks bonds within the community.

During the Rocket Community Fund’s 2019 citywide canvas of tax delinquent properties through Neighbor to Neighbor, the organization discovered nearly 90% of Detroit homeowners behind on their property taxes should have been able to qualify for the Homeowners Property Tax Assistance Program (HPTAP) but were not aware of the program or were unsure of how to apply.

The Detroit Tax Relief Fund, in conjunction with ongoing efforts, will work to reduce the cycle of property tax foreclosure and preserve hundreds of millions of dollars of equity in Detroit.

Detroit homeowners who have received or are eligible for HPTAP and the Pay As You Stay (PAYS) program can learn more by calling (313) 244-0274 or by visiting the Wayne Metro Community Action Agency website.