Since declaring bankruptcy last year, the revitalization for Detroit has been a long road for residents, businesses, and even the federal government. Detroit households accumulated significant credit card debts, along with many residents facing foreclosure on their homes due to default mortgages.
JP Morgan Chase, one of the largest banks in the country, announced a special $100 million investment to support Detroit’s recovery. The money will be divided into low cost loans within the community, primarily for infrastructure projects and community development.