DETROIT (AP) — Detroit is expanding a fund designed to help improve neighborhoods and is making money available to more parts of the city.
Officials announced Monday that the city and its partners are expanding the Strategic Neighborhood Fund to seven more neighborhood areas and will raise $130 million for the effort. It follows the ongoing investment of $42 million in three neighborhood areas.
With the additional funding, Detroit says it hopes to million to build 10 “vibrant, inclusive areas” throughout the city, affecting more than 60 neighborhoods.
Strategic Neighborhood Fund 2.0 will also invest in streetscapes, park improvements, commercial development and housing stabilization. The Kresge Foundation has committed $15 million to the latest version of the Strategic Neighborhood Fund.
Detroit also plans to raise $250 million for the Affordable Housing Leveraging Fund.
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