Ford Foundation pledges $10 million in grants to Detroit

DETROIT (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 tell The Detroit News (http://bit.ly/1wltdSK ) 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.

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Online:

http://www.fordfoundation.org

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Information from: The Detroit News, http://detnews.com/