LOUISVILLE, Ky. (WDRB) -- Millions of dollars are headed to the Russell neighborhood to enhance the community.
On Tuesday officials with Fifth Third Bank announced plans to back millions in funding for the Russell Neighborhood that will be used to help increase home and business ownership in the community.
Louisville Mayor Greg Fischer and other city leaders were on hand for the announcement at the Norton Healthcare Sports and Learning Complex at 3029 W. Muhammad Ali Blvd.
The Russell neighborhood is one of nine recipients of the neighborhood investment program, out of about 20 applicants.
Fifth Third has pledged to commit up to $20 million in lending, investments and grants for the community. The Russell Place of Promise -- or RPOP -- is the main group behind the neighborhood's application. RPOP will team up with other community organizations to use the funds in the best manner.
"We are focused on doing community development, community investment differently," said Cassandra Webb with Russell Place of Promise. "We want to really be able to invest in people first and have residents our decision-making processes."
RPOP already has plans to use the money to create more education around buying and owning a home, as well as growing its Russell Small Business Accelerator.
RPOP says it was the Russell residents who pushed the group to apply for the Fifth Third investment program in the first place. The group was pleasantly surprised after being selected from a competitive pool of contenders.
The program will continue through the next three years.
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