Program expanding neighborhood investment in rustbelt

Markets Associated Press

A $2.1 billion union-led effort that's helping improve homes in Detroit is being expanded to other rustbelt cities.

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The AFL-CIO Housing Investment Trust's MidWest@Work Investment Strategy is funding most of the effort. The goal is to spur economic development while building and renovating houses in eight more cities, including Minneapolis, St. Louis, Cleveland and Pittsburgh.

About 90 projects are planned over the next five to seven years with no matching funds required from the cities, including about 60 multifamily housing units.

A $30 million neighborhood home repair program started last year in Detroit in partnership with the city. The program's goal is to renovate as many as to 300 single-family homes and other properties with union labor.