DETROIT – A non profit group working to revitalize an eight block area of the Chadsey-Condon neighborhood in Southwest Detroit just got a significant boost in funding from the Yaker family.
The family is donating $2.5 million to the group, which will establish the Sam L. and Judith Yaker Fund in its effort to catalyze homeownership and revitalization in the Chadsey-Condon neighborhood, according to a news released from Southwest Solutions.
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Southwest Solutions has acquired the Newberry Homes project, 60 single-family houses that were low-income rental properties, and intends to renovate the houses and make them available for affordable homeownership.
“Homeownership is the bedrock of stable neighborhoods, and the Yaker Fund donation will have a transformative effect in supporting the Newberry project and the attendant revitalization and investment in the area that the project will spur,” said Steve Ragan, Senior Vice President for Development and External Relations at Southwest Solutions. "Moreover, the gift will be regenerative as mortgages are paid into the Sam and Judith Yaker Mortgage Fund, which will be continually reinvested in community redevelopment. Indeed, it is truly a gift that keeps giving. We are deeply appreciative of the Yaker family for this tremendous donation that furthers the legacy of the late Sam Yaker and his commitment to uplifting Detroit’s neighborhoods and the quality of life of the residents.”
Sam Yaker was known for developing quality affordable housing opportunities.
Southwest Solutions said it estimates that the net average sales price, less concessions and credits, for the renovated homes will be about $35,000. The ongoing mortgage payments will generate about $40,000 a year in income to cover Fund expenses, the non profit said in a statement.
"Recovered principal will used to make additional mortgage loans in the neighborhood. A portion of the gift will be used to develop the Sam Yaker Park and Pavilion, as well as, support ongoing neighborhood beautification projects, community programs and maintenance of the park and pavilion," reads a statement from Southwest Solutions.
For more information about the Chadsey-Condon neighborhood visit ht www.chadseycondon.org.
Southwest Solutions is one of Detroit’s most impactful nonprofits, serving more than 10,000 people a year through a broad range of services. Founded in 1970 as a community mental health agency, our programs now include neighborhood and community development, affordable and supportive housing, services for the homeless and veterans, job training, financial counseling and homeownership opportunities, minority small business programs, adult literacy, resident engagement, and more. Those we serve often have multiple needs that must be addressed, and we interconnect our services to provide families and individuals the greatest chance to succeed and improve their quality of life.