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Detroit's mayor and business leaders are coming together to try to turn around the city's neighborhoods.
The third round of the Strategic Neighborhood Fund, a partnership between the city and Neighborhoods Invest Detroit, has a $40 million goal and will focus on 10 neighborhoods, the Detroit Free Press reports.
The first two rounds of the fund, which raised $262 million, invested in commercial corridors, affordable housing, public spaces, and real estate, according to a press release.
"The heart of Detroit lies in revitalized neighborhoods, but through collaboration between private, and philanthropic, and corporate donors to deepen its focus in 10 neighborhoods, we believe we can turn people's dreams into reality," Mayor Mike Duggan says.
The fund has already committed $15 million, including a $15 million grant from the Gilbert Family Foundation, according to the Free Press.
The money will be used to support developers, small businesses, public spaces, and real estate investment in 10 neighborhoods, including the east side, west side, and east side of the city.
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