Program expanding to allow people to keep foreclosed homes
DETROIT (AP) — Quicken Loans Community Fund and the United Community Housing Coalition are working with city officials to expand a program that prevents home foreclosures in Detroit.
The city says funds raised through the partnership will allow Detroit to acquire tax-foreclosed homes from Wayne County.
Detroit will pass the homes at no additional cost to the United Community Housing Coalition, which will work to the sell the properties back to the previous renters or homeowners at affordable rates.
The purchase price of the homes for former owner-occupants experiencing poverty will be set at $1,000. Other prices will be based on costs of the homes. The range last year was between $2,500 and $5,500.
The expanded program aims to help 300 city residents stay in their homes.