Five US cities, including Detroit, will be sharing 80-million dollars, courtesy of some major companies. The announcement was made at the Charles H Wright Museum Thursday.
Martin Cox of JP Morgan Chase explained during a Living Cities Integration Initiative event in Detroit how the program will work.
“While the partnership in each city will receive grant funds, they will also be using a lending intermediary, often a community development financial institution, to borrow funds for both our syndicate of financial institutions and from Living Cities Catalyst Fund,” said Cox.
Those organizations will then reloan that money to borrowers “who are rehabbing abandoned property, developing housing, expanding businesses, and doing the hard on the ground work of revitalizing communities,” said Cox.
Detroit Mayor Dave Bing says the money will help finance schools, as well as build housing along the Woodward Corridor.
“There’s going to be an academy, a health academy, which is something that I talked about in the State of the City a year ago. And that’s in play right now. So it will be defined in this area. We don’t have the place for it but it’ll probably be on one of the campuses over DMC,” said Bing.
The money will also help pay for a business strategy that promotes living and working in the city.
Detroit is slated to receive $21.5 million dollars.