The Knight and Ford foundations have committed $2.5 million to Detroit neighborhoods.
The philanthropic capital is being invested in the $30 million “Strategic Neighborhood Fund,” launched last year by the City of Detroit and Invest Detroit, a community development finance institution, or CDFI.
The fund also has raised $10 million from JPMorgan and the Hudson-Webber Foundation to finance recreation spaces, community gardens and other projects in three city neighborhoods that have “suffered disinvestment for too long,” according to Detroit mayor Mike Duggan.
The city wants to expand investments to 50 neighborhoods over three years. “For the city’s recovery to be sustained and inclusive, it must focus on the needs of longtime residents who never gave up on the city,” Duggan says.
Detroit’s determination after declaring bankruptcy in 2013 is catching investors’ eye. See:
The role of small business in Detroit’s resurgence
Last month, JPMorgan committed a separate $50 million to the city’s revitalization plans. See:
J.P Morgan adds $50 million to finance revitalization in Detroit
