Mayor Dave Bing Announces Housing Initiatives
DETROIT, August 18, 2011—Mayor Dave Bing announced progress on two major neighborhood initiatives this week. Today, Mayor Bing announced a new partnership with Chase Bank to support Project 14 and extend a residency attraction program to city employees. The JPMorgan Chase Foundation is making a $1 million grant to help about 70 police officers and city employees move back to Detroit over the next two years.
“We are restoring a sense of community and pride in our neighborhoods by encouraging Detroiters to live where they work,” said Mayor Dave Bing. “We are rebuilding homes and strengthening neighborhoods with the help of financial institutions who believe in the work we are doing.”
With Chase funding, the program will provide the following down payment assistance:
· $25,000 for the first 10 Detroit police officers who qualify for a home purchase of a vacant home.
· Up to $15,000 to help an additional 60 city employees purchase a vacant home. The grant can be up to 20 percent of the home’s purchase price.
Down payment assistance will be offered to qualified buyers purchasing homes in these Detroit neighborhoods:
· North End/Boston Edison/Virginia Park
· Southwest/Hubbard Farms
· Palmer Woods
· Sherwood Forest/University District
· East English Village
· North Rosedale
· Green Acres
On Wednesday August 17, Mayor Bing visited Detroit ’s Greenacres neighborhood and toured Officer William Booker-Riggs new home. Officer Booker-Riggs is the first officer participating in Project 14 to have a home in the final stages of completion.
The home, one of ten houses donated by Bank of America, was built in 1938 and had been vacant for over a year.
To date, approximately 275 officers have expressed interest in pursuing a home through Project 14 and numerous businesses and financial institutions have established partnerships with the City of Detroit .
About the Chase Grant Program
Enterprise Detroit will work with neighborhood community development corporations to distribute assistance funds to qualified buyers. City employees can learn more about the down payment assistance grants by calling (313) 886-2041.
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Dan Lijana
Communications Manager
City of Detroit
Office of Mayor Dave Bing
1126 Coleman A. Young Municipal Ctr.
Detroit , Michigan 48226
313-628-4255 (office)
313-418-9809 (cell)
313-224-4128 (fax)
lijanad@detroitmi.gov
