Once upon a time, Detroit was a hub for national and international commerce, home to a booming automotive industry and boasted some of the most pleasant urban landscapes in the nation.

Is Detroit really lost? (paul bica, Creative Commons)

Today, the population has dropped below a million, unemployment hovers at 16.3 percent and abandoned buildings burn down in droves, uprooting squatters who have no other place to call home.

But is Detroit truly lost? The Ambassador Bridge, linking the city to neighboring Canada, remains the busiest international land border crossing in North America. The American auto industry, though weakened from the 2008 economic collapse, is fighting back.

SEE ALSO: GM To Buy Back Shares From U.S. Treasury

And today, the federal government unveiled a plan to bring $300 million in federal and private sector aid to give the Motor City, now struggling for survival in bankruptcy court, the second chance it needs.

According to Detroit Free Press, a combination of grants from federal and state treasuries, private businesses and charitable foundations will be provided to the city of Detroit in order to help fight blight, improve a struggling public transit system, boost public safety and stimulate business growth.

SEE ALSO: Motor City Files For Municipal Bankruptcy

In addition, a powerful task force, including former Detroit Public Schools emergency manager Roy Roberts and CEO of development group U-SNAP-BAC Linda Smith, is being assembled to tackle the city's catstrophic problems with vacant lands and abandoned homes and businesses. 

Task forces like these are essential in a city that has historically missed out on grant money because of inadequate capacity to manage funds.

At a press conference at Wayne State University, the Obama administration sent the message that it is doing everything in its power to get the struggling metropolis back on its feet, Free Press reported.

"We are listening," said Gene Sperling, head of President Obama's National Economic Council. "We are going to do everything that we are capable of."

Read more at Detroit Free Press.

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