Detroit will receive $21.5 million in a mix of grants and loans to invest in the development of Woodward Corridor, one of its main thoroughfares.

The money is part of a national program launched by a New York-based group called Living Cities. The group, a collaboration of 22 foundations and banks, selected Detroit and four other cities for its new Integration Initiative program, which will provide $80 million for the cities to invest in urban development.

The other cities are Baltimore, Cleveland, Newark, and Minneapolis-St. Paul.

“Being selected to participate in these programs is a great opportunity for us and a reflection of a renewed sense of trust and enthusiasm in the direction of the city of Detroit,” Mayor Dave Bing said in a statement.

Detroit will use its money to pay for development, finance charter schools, and create a community land trust for housing, according to local reports.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.