Rebuilding Communities One Neighborhood at a Time

Keona Cowan of Invest Detroit and Her “Village” Works to Rebuild Communities One Neighborhood at a Time

By Gina Gallovich

As a college student, Keona Cowan’s career path was clear: she would study math and become an actuary. Then came an internship at the National Bank of Detroit, and she was hooked. She changed her major to accounting and started with NBD, later Chase, specializing in real estate. Her career was on an upward trajectory and she moved over to what would become to Bank of America, specializing in commercial community development lending.

The territory she was responsible for at Bank of America grew exponentially and came to cover the Central United States, including Michigan. While at Bank of America she did a number of transactions with Invest Detroit, including working on developing condominiums in downtown Detroit prior to the recession.

But she was on the road a lot, working in a demanding position. With two sets of children, one set grown and/

or in college, and the other ages 8 and 11, she decided to reprioritize. And three years ago, she joined Invest Detroit as Senior Vice President and later added the title of Chief Lending Officer. She now oversees the lending and credit teams that provide the most critical function of Invest Detroit’s work.

As a “gap” lender, Keona and her team work on projects that “Improve lives in communities by providing affordable housing to low- and moderate-income people, something that was not available to them previously.” They use their expertise to take advantage of all available tax credits and federally supported programs while also strategically investing philanthropic and corporate funding.

Invest Detroit is also a critical part of the Strategic Neighborhood Fund, a public-private partnership that is now extended into 10 neighborhoods. The aim of the

fund is to revitalize neighborhoods, making them livable, vibrant areas that provide all the services that residents will need, from parks to streetscapes, from stores to restaurants, to police and fire services.

“I love this job because we play a pivotal role in the overall development of Detroit. We help create jobs, support underserved entrepreneurs, and provide affordable housing,” said Cowan. “And we do it as a team.”

“While we concentrate on mixeduse space, one of the projects that I am most proud of is our investment in Kamper and Stevens,” said Cowan. Two buildings on Washington Boulevard were all that remained of affordable senior housing in Detroit. “We went in and completely rebuilt the space and did not displace one resident. That is something that I am most proud of.”

Kamper and Stevens is affordable to low-income seniors with Section 8 vouchers. And the long-dormant

retail on the ground floor has been activated on the ground floor, including a restaurant.

Bringing neighborhoods back to live, providing new housing and repopulating areas brings a sense of security and stability. “Having a positive impact on the community is a driver for me. I find it rewarding and fulfilling.”

Cowan stressed that Invest Detroit has key partnerships that allow it to succeed. And in five short years Cowan sees “strong neighborhoods. A Detroit made and build for everyone.”

Her position with Invest Detroit helps Cowan keep work and family life in balance. She has more time to spend with her children and her family. And her kids are happy that Mom is home more.

When asked what advice she would give to other women of color coming up in her field she thought long and hard about her answer.

“What I do, what I’ve done every step of the way is respecting and appreciating the circle of life. By that I mean take every opportunity to learn; take note of others that come across your path and learn from them.” She says that having opportunities to call people she worked with in the past, to ask for advice or to brainstorm, is priceless.

Cowan says she comes by her strength of will and her strength of character honestly. Her mother has been her biggest supporter throughout her life. Her mother had not finished high school when she gave birth to her, but she went on to receive her associate’s degree when Cowan was in high school and went on to receive her baccalaureate when Cowan herself was in college.

There’s a saying in her family that crosses over into business: work hard to play hard, and learn how to eat better. “What it means is ‘here’s what I have to do in order to do what I’d like to do.’”