Homeowners Offered Cash For Improvements
August 23, 2011 by UPI - United Press International, Inc.
DETROIT, Aug. 23 (UPI) — Homeowners in some Detroit neighborhoods can get up to $10,000 to help pay for improving the exteriors of their houses, officials say.
Citizens Bank pledged $1.6 million Monday to reimburse the homeowners up to half the cost of sprucing up their abodes as part of an effort to help Mayor David Bing’s Detroit Works Project, which seeks to entice people to buy homes in certain neighborhoods, the Detroit Free Press reported.
Also as part of the effort, Chase Bank is offering cash down payments on mortgages for all city employees in targeted neighborhoods, while Bank of America has offered police incentives to move to some areas of the city.
“All of these programs have the same goal — to help us create neighborhoods that are dense, viable and safe,” Bing said. The “partnership will support many current residents who want to invest in their homes and neighborhoods.”
The Citizens Bank program came as part of a settlement with the U.S. Justice Department enabling the bank to avoid penalties for redlining in mortgage loans in Detroit and three other Wayne County communities – River Rouge, Inkster and Romulus, the Free Press said.