- Associated Press - Tuesday, July 11, 2017

DETROIT (AP) - More than 80 Detroit residents have completed a buy-back program started by the city’s Land Bank Authority and are keeping homes that were lost to foreclosure.

Mayor Mike Duggan handed out some of the deeds Tuesday, saying the program “helps stabilize neighborhoods by keeping homes occupied.”

The program requires homeowners or people renting homes that owners lost to foreclosure to attend homebuyer counseling sessions, pay a $1,000 fee to buy the property and sock away a month of property taxes into an escrow savings account.

The homes also have to be maintained. Tax payments and water bills have to be kept current.

About 1,500 people have contacted the land bank about the program. More than 560 people are enrolled.



Click to Read More

Click to Hide