JPMorgan investing $100M in Detroit

JPMorgan Chase, the nation’s largest bank, will provide $100 million to help debt-ridden Detroit with housing repairs, blight removal, job training and economic development projects over the next five years, according to two people with direct knowledge of the plans.

A mix of loans and grants, the money adds to a growing pile of funds coming from outside private institutions as the Motor City nears the final stages of the largest municipal bankruptcy filing to date, according to the New York Times.

The city filed for bankruptcy protection in July, estimating $18 billion in long-term debt. This summer, a federal judge will decide whether the city can exit bankruptcy court by mid-October, according to the Times.

Read more from the New York Times.