Detroit Mayor Mike Duggan and Planning Director Maurice Cox announced a major new funding initiative to support the city's Strategic Neighborhood Fund. Funding will support projects in seven target neighborhoods.
"An effort to stabilize seven additional Detroit neighborhoods is part of a sweeping $130 million plan announced Monday that would also improve commercial corridors and boost the city's park system," reports Katrease Stafford.
"The plan is part of Detroit's ongoing Strategic Neighborhood Fund effort," adds Stafford. The city will work with Invest Detroit to raise the $130 million through corporate and philanthropic funds and matching public funds. The Kresge Foundation has promised $15 million, as the first organization to commit to the fund.
According to the article, the model for the fund has already been tested with $42 million worth of investment for projects in Islandview/Greater Villages, Vernor/Southwest, and Livernois-McNichols. The article includes more detail about what to expect in early phases of the project.
See also: "City to Expand Strategic Neighborhood Fund, Raise $130 Million for Seven Additional Neighborhoods" press release from the city of Detroit website.
FULL STORY: How Detroit plans to raise $130M to invest in 7 neighborhoods
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