DETROIT, MI (AP)-- The Ford Foundation is pledging $10 million in grants to Detroit for 2015.
The New York-based foundation provided $125 million to the "Grand Bargain," a more than $800 million bailout by the state of Michigan, foundations and philanthropists to prevent the sale of valuable city-owned art and avert deeper pension cuts as part of Detroit's bankruptcy.
Officials with the foundation say their pledge for 2015 and a $1.3 million round of grants announced last month are about seizing the momentum created by the bankruptcy's resolution and focusing on the next chapter in Detroit.