JPMorgan Chase commits $5 million to Detroit neighborhoods

DETROIT - JPMorgan Chase plans to invest $5 million to help create a fund to drive economic growth in Detroit.

The $30 million fund will support resources directed toward commercial and residential real estate, jobs and infrastructure in the city as part of the Detroit Strategic Neighborhood Initiative.

Detroit Mayor Mike Duggan says that the money being announced Wednesday will help "new small businesses open, existing businesses expand and new residential developments take place."

Initially, it will target the West Village, Southwest Detroit and Livernois-McNichols neighborhoods and help finance multi-unit residential, business and mixed-use developments to add neighborhood density and tie in with major transportation lines.

JPMorgan Chase's $5 million is part of the bank's $125 million, 5-year pledge to invest in neighborhoods in cities around the country.