How Detroit plans to raise $130M to invest in 7 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.

The plan is part of Detroit’s ongoing Strategic Neighborhood Fund effort, which started in 2016. The expansion will target these areas: Grand River Northwest, Warrendale/Cody-Rouge, Russell Woods/Nardin Park, Campau/Banglatown, Gratiot/7-Mile, East Warren/Cadieux, and Jefferson Chalmers.

The city is planning to raise $130 million along with Invest Detroit, a community development financial institution. The city said it plans to raise $56 million in corporate and philanthropic funds and match them with local dollars as well state and federal dollars to reach the investment goal.

The Kresge Foundation is making a $15 million commitment to the expansion effort, the city said.

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Source: How Detroit plans to raise $130M to invest in 7 neighborhoods

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