Newsroom

In the Headlines

25 October 2009

Philanthropy Moves to Guiding Economic Development

The New Economy Initiative (NEI) aims to help transform Detroit into a vibrant and viable model of long-term economic health that will guide other economically depressed regions in the country. Early conversations to develop NEI began in 2003 building on our long history of grant making in Michigan. We have more than $51 million in active grants in the state—including the Detroit Neighborhood Fund, Downtown Detroit Partnership, Detroit Eastern Market and Detroiters Working for Environmental Justice—and have provided more than $72 million in grants since 1995. Our work in this region will continue to shape and inform our Economic Opportunity and Assets initiatives.

Published in Crain's Detroit Business (subscription required):
October 25, 2009
By Sherri Begin Welch

With its well-known troubles and lesser-known assets, metro Detroit is the perfect laboratory for economic development work, say local and international foundations working in the region.

"Detroit faces a lot of problems now, but we also think there's potential for real innovation and progress working with people in the region and other philanthropic partners," said Rick McGahey, director of impact assessment and former program officer in the New York-based Ford Foundation's economic development unit.

Ford Foundation offered one of its largest-ever economic development grants—$25 million—to spur additional foundation investment in an initiative to help restore Southeast Michigan to a leadership position in the global economy.

Read the complete article (subscription required) »

Visit the New Economy Initiative online.