Obama Administration Offers Detroit $100 Million Economic Recovery Aid

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Detroit

Help is on the way for the the city of Detroit.

According to the Associated Press, the Obama administration has agreed to send the beleaguered city $100 million in federal funds to help hire more police, firefighters and workers to improve blighted areas.

MUST READ: Detroit Files For Bankruptcy

Gene Sperling, the chief White House economic adviser, said helping Detroit get back on its feet was mandatory.

“It’s the largest city bankruptcy in the history of our country, on our watch, and we’ve got to do something,” he said. “We knew this was an exceptional circumstance and it deserved an exceptional response.”

“What you see here is just a more expedited and aggressive effort because we want to help the people of Detroit to prosper,” he added. “But we also want the rest of the people in the country to understand … that Detroit, with the right resources and right partnership, has a great future.”

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Here’s how the the emergency economic aid will disbursed:

The $100 million of existing federal funds will be augmented with $200 million more in resources from foundations and businesses.

The funding includes $65 million in Community Development Block Grants for blight eradication, $25 million in a public-private collaboration for commercial building demolition and nearly $11 million in funds to ensure working families can live in safe neighborhoods. Attorney General Eric Holder announced $3 million that, in part, will be used to hire new police officers. About $25 million also will be expedited to Detroit to hire about 140 firefighters and buy new gear.

The Motor City filed for bankruptcy in July, citing more that $18 billion in long-term debt.

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