Treasury Secretary Jack Lew will meet with philanthropic group leaders in Detroit this week to talk about development assistance efforts in light of the city’s financial crisis, Reuters reported Monday.
Lisa Lambert writes that Lew will also visit the city to promote the Treasury’s small business credit program.
Detroit’s city government has drafted an $18 billion debt restructuring plan that includes enlisting the help of charities to cover pension obligations and prevent a sale of cultural pieces, according to Lambert.
Reuters reports that the White House is working to help Detroit officials leverage federal funding programs in order to address blight issues.
Michigan’s state government plans to reallocate $100 million in federal money to aid Detroit, according to Reuters.