Small logo Subscribe to leading news on impact investing. Learn More
The Brief Originals Dealflow Signals The Impact Alpha Impact Voices Podcasts Agents of Impact Open
What's Next Measure Better Investing in Racial Equity Beyond Aid Beyond Trade-offs Impact en las Americas New Revivalists Women Rising in India Operation Impact
Smarter Money Women Rising 2030 Finance Locavesting Inclusive Economy Regeneration Impact Tech New Power Geographies
Slack Conference Calls Events Contribute
The Archive ImpactSpace The Accelerator Selection Tool Network Map
About Us FAQ Calendar Pricing and Payment Policy Privacy Policy Terms of Service Agreement Contact Us
Industry News Impact Management Good Business Personal Finance Faith and investing Billionaires
Gender Lens Investing Women Rising in India
SDGs Climate Finance Clean Energy Innovative Finance Full Stack Capital Long-termism
Opportunity Zones Investing in place
Entrepreneurship Return on Inclusion Good Jobs Inclusive Fintech Creative economy Housing New Schooled Well Being People on the Move
Conservation Finance Farmer Finance Financing Fish
Blockchain/AI/IoT Urban Tech Food Tech Inclusive Fintech
Human Rights Democracy and Peace News and Information
Africa Asia Europe Latin America Middle East Oceania/Australia China Canada India United Kingdom United States Growth Markets
Subscribe
Features
Series
Themes
Community
Data
Subscribe Log In
More

Knight and Ford foundations commit $2.5 million to Detroit neighborhoods



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

You might also like...