Mayor to announce new investment in run-down Cleveland neighborhoods

CLEVELAND, OH (WOIO) - At 1 p.m. Wednesday afternoon, Cleveland Mayor Frank Jackson is set to talk about a $25 million "Neighborhood Transformation Initiative" at the Doan Classroom Apartments on East 105th Street in Cleveland.

The revitalization plan is one of Mayor Jackson's Healthy Neighborhoods Initiatives.

The NTI is said to expand on the Mayor's current neighborhood revitalization efforts, and focuses on private investments from Cleveland's largest financial institutions.

According to a press release from the Mayor's office, the "Transformation Initiative is a multi-year plan to help develop economic prosperity in neighborhoods where traditional investment strategies do not work."

Mayor Jackson will also talk about the outcome of a real estate study the city conducted in conjunction with Cleveland State University.

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