White House officials are in town today to announce around $300 million is aid for Detroit from "from federal and state coffers, private businesses and charitable foundations," according to the Free Press.
The money will be used to reduce blight and crime and improve business and transportation. Funding sources include not just the federal goverment, but also the Ford Foundation, Kresge Foundation and Knight Foundation.
The funding will include $150 million in blight eradication and community redevelopment, including $65 million in Community Development Block Grant funding — which had already been awarded over two years but could not be accessed by the city. An additional $25 million could help hire as many as 150 firefighters in the city.
Obama's designated visitors haven't said exactly where the money came from yet, but more details and hopefully an explanation of what "could not be accessed" means are expected after the officials meet in Detroit Friday to discuss Detroit's bankruptcy.
