From M-1 Light Rail:
The Detroit Free Press reports that JP Morgan Chase will invest a total of $100 million into Detroit, with $5.5 million of that total being invested into the M-1 RAIL Project and other initiatives.
The Chase money will flow through multiple partners already active in the city who promote real estate development, provide assistance to small businesses and entrepreneurs, and train residents for new jobs. Among the specific beneficiaries will be the M-1 Rail streetcar project, Eastern Market, Focus:Hope, and a variety of workforce training and entrepreneurship programs.
According to a PDF released by JP Morgan Chase:“Construction of the 3.3-mile M-1 streetcar holds the promise of catalyzing further investment, economic development and urban renewal in Downtown Detroit – the city’s central business district – and surrounding neighborhoods. JPMorgan Chase is supporting the M-1 project by working to raise $30 million in New Markets Tax Credits, the cornerstone of the project’s financing. We also are making a $1.5 million philanthropic grant to M-1 RAIL, the nonprofit organization that is leading M-1’s construction.”
Read the full article here.