The city of Detroit bears the scars of its 60-year population decline—more than 80,000 abandoned houses, factories and businesses—and a slice of a new $100 million fund could help salve some of those open wounds, Reuters reported yesterday. Pledging to "aggressively address blight" in a state slammed by the ailing auto industry, Michigan Governor Rick Snyder yesterday announced plans to finance large-scale demolitions in Detroit and four other struggling cities with $100 million in unused federal funds originally intended to prevent foreclosures. The U.S. Department of the Treasury approved the proposal yesterday. The Michigan State Housing Development Authority estimates the project will finance the demolition of about 4,000 structures in Detroit and four other faded industrial cities: Flint, Grand Rapids, Pontiac and Saginaw. Michigan was among 18 states to share in $7.6 billion as part of the so-called Hardest Hit Fund, which helped with mortgage modifications and payments. But Michigan has spent less than $100 million of the $500 million since 2010, according to the Michigan State Housing Development Authority.
