The Troy-based Kresge Foundation is betting large on Detroit's future with a $150 million investment over the next few years. Will other foundations and government programs follow suit?
Excerpt:
"One of the nation’s largest foundations will spend $150 million over the next five years to implement a new land-use plan in an attempt to revitalize this ailing industrial city...
The new philanthropic investment—about $120 million in new funding beyond previously announced programs—is a sign that the foundation based in Troy, Mich., just north of Detroit, and its leader, Rip Rapson, are doubling down on the future of the city despite its chronic fiscal woes."
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