DETROIT (AP) — A billionaire businessman whose companies have invigorated Detroit’s downtown has announced a $500 million fund to improve neighborhoods. The effort is starting with $15 million that will pay off the property tax debt of 20,000 of the city’s poorest homeowners. Quicken Loans founder Dan Gilbert announced the Detroit Tax Relief Fund on Thursday. Money is coming from two philanthropic organizations connected to him. The fund leverages existing state and local programs that eliminate or reduce property tax bills. It then pays off the remaining tax bill. It will be administered by a local nonprofit that also will provide counseling to homeowners to keep them out of future property tax debt.
