CLEVELAND -- Mayor Frank G. Jackson has announced his $25 million Neighborhood Transformation Initiative.
Jackson said the NTI will help revitalize Cleveland's neighborhoods and spark "entrepreneurial growth."
“This initiative and the strategic investment of all of its partners will guarantee our city’s success,” said Jackson. “Our goal is to move the entire city forward –every neighborhood and all of its people.”
This latest initiative focuses on private investments from Cleveland’s largest financial institutions.
The initiative will concentrate on investing in neighborhoods where traditional development models don’t work and where developers and lenders have considered it too risky for investment, according to Jackson.
According to Jackson, those who have joined the initiative include: Key Bank; Huntington Bank; PNC Bank; Fifth/Third Bank; Capital Impact Partners; The Cleveland Foundation; Urban League of Greater Cleveland; ECDI (Economic & Community Development Institute); National Development Council; Neighborhood Housing Services of Greater Cleveland; JumpStart Inc.; CCDC (Cleveland Citywide Development Corp); The Real Black Friday; and Greater Cleveland Habitat for Humanity.
The goal is to stop decline and stabilize the neighborhoods and assist them with growth.
The initiative will also target getting entrepreneurs who can help with the revitalization in specific neighborhoods.
For more information on the Neighborhood Transformation Initiative, visit www.city.cleveland.oh.us