Friday, August 26, 2011

Housing Grants and Incentives in Detroit

See this newest one, only through October 31, 2013.

My hometown, Detroit, has had a hard-knock time in the last 50 or so years, with falling population, mismanagement, and industrial exodus.  But public and private resources are trying to change that.  On one hand, efforts are being made to get people to stay put: Citizen's Bank just announced a program of grants totaling $1.6 million to homeowners in five Detroit neighborhoods:
east English Village, Boston Edison north end/Virginia Park, north Rosedale Park, Hubbard Farms.
The money can be used for exterior improvements.  Another, available for homeowners in targeted neighborhoods throughout the city, deals with health and safety hazards, particularly lead abatement.  It is a grant or forgivable loan of up to $15,000; $24,950 if lead abatement is involved.  It can include problems such as furnaces, roofs, plumbing, and electrical problems.  See the city's website, or call 313-224-3461.
Clearcorp also offers grants for lead abatement for Detroit homeowners: grants of up to $8000 for owner occupied houses, $4000 for rental properties, assessments of lead damages, and other services.  Call 313 924 4000 for more information.

Other first time homeowner help is from the state of Michigan.  The Michigan State Housing Development Authority targets homebuying in  the following areas of Wayne County: Detroit, Ecorse, Hamtramck, Highland Park and River Rouge.  That means there is a generous limit on the amount that you can earn and still get first homebuyers assistance.  A two person household can have income up to $77,000 a year and still be eligible for downpayment assistance.  Here's the page on the state's homeownership assistance programs.

Another place to check is the Detroit Housing Commission, which has a homeownership program, requiring a year's employment (unless elderly or disabled), income within requirements, and $1,000 of savings.  

Other efforts are aimed at getting people to move back.  One is Project 14 (the name derives for police code for "situation normal."), which attempts to get police to move back to the city.  It tries to kill two birds with one stone: abandonment of neighborhoods by the professional classes and police, and vacant homes. Homes are bought, police can choose from the homes, (if they meet income requirements), a contractor is hired and repairs and upgrades are made.  It's along the lines of other programs created federally and in many localities to attract professionals to underserved areas.  Call 313-974 6869 for more information. 

Some of the companies that have made a commitment to staying in downtown Detroit (Blue Cross/Blue Shield of Michigan, Compuware, DTE, Quicken Loans and Strategic Staffing Solutions) have incentives for their employees to rent or own homes in Detroit as well.  If you buy or rent within the downtown or near-downtown area, you can get a $20,000 forgivable loan towards a home purchase, a $2500 reimbursement for the cost of rental for the first year, and $1000 for the second, and matching funds of up to $5000 for home renovations of $10,000 or more.

See Live Midtown for incentives in the mid-town Detroit area.

No comments: