The Obama administration is repurposing, redeploying and expediting more $300 million in federal grants to help Detroit as the city moves through the largest municipal bankruptcy filing in U.S. history.
White House chief economic adviser Gene Sperling said Thursday that the grants aren't new money but is money that was already allocated for use in Detroit.
The grants include $65 million for blight eradication and $25 million to tear down vacant commercial buildings. Detroit is at least $18 billion in debt.
Sperling, Attorney General Eric Holder and the transportation and housing secretaries will meet Friday in Detroit with city and state officials.
Ahead of that meeting, another $200 million was also announced for Detroit to improve transportation and boost police forces.
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