"There is nothing better for poverty than a good paying job"
- Mayor Coleman A. Young
Taking back our neighborhood one home at a time with the
help of our friends in the AFL-CIO has been put into an action plan in the City
of Detroit. Decades of disinvestment and
foreclosures have devastated Detroit’s neighborhoods. Thousands of vacant homes
need extensive repair. The widespread blight and abandonment results in
extremely low appraisal values making it difficult for potential homeowners to
obtain financing for a home. We appreciate the assistance from David A. Eubanks Assistant
Investment Officer with the Housing Investment Trust Division of the AFL-CIO
(Website www.aflcio-hit.com) . Together with Councilmember Pro-Tem Cushingberry a plan was developed for
the District for homes that can be saved and restored.
To stabilize the
neighborhoods, the AFL-CIO has developed a strategy to identify homes that can
be saved.
- Repairing multiple homes concurrently
- Use skilled and approved union contractors
- Attract private capital
- Target blocks and tracts of land within a neighborhood
- Guarantee the work and,
- Employ Local residents
(2013) 18220 Ohio 48221 - Before HIT |
(2016) 18220 Ohio 48221 - After HIT |
A list of the HIT property in progress in the Bagley district are as follows
18506 Wisconsin 48221 - Bagley
18220 Ohio 48221 List Price $105,000 - Bagley
By partnering with financial institutions like Southwest Lending Solutions (Website: www.michiganlendingsolutions.com ) first time millenial homeowners will be given the opportunity to start a future and establish a good credit history and equity. By the end of 2016, we look forward to rehabilitating 11 homes in the City. The goal is to provide 25 families with a place to live by December 2017. With an investment of $1.7 million dollars of HIT funds, the City of Detroit will have another path built on the way to prosperity again.
By partnering with financial institutions like Southwest Lending Solutions (Website: www.michiganlendingsolutions.com ) first time millenial homeowners will be given the opportunity to start a future and establish a good credit history and equity. By the end of 2016, we look forward to rehabilitating 11 homes in the City. The goal is to provide 25 families with a place to live by December 2017. With an investment of $1.7 million dollars of HIT funds, the City of Detroit will have another path built on the way to prosperity again.
For more information please contact our office.
Detroit Neighborhood Home Repair Program is A Program for the Acquisition, Repair and Home-ownership of Single Family Homes in Detroit Neighborhoods
ReplyDeleteOverview
The Detroit Neighborhood Home Repair Program (Home Repair Program) is a partnership between the Michigan Building and Construction Trades Council (Michigan Building Trades), the City of Detroit, the Detroit Land Bank Authority (Land Bank), Southwest Housing Solutions (Southwest) and the AFL-CIO Housing Investment Trust (Trust) to acquire, repair and refinance Detroit properties.
High levels of foreclosure and decades of disinvestment in Detroit neighborhoods have produced high vacancy rates and extremely low appraisal values. The Detroit Land Bank Authority alone currently holds approximately 79,000 parcels of vacant residential structures or vacant land that require extensive renovation. The challenge faced by individual homebuyers that purchase Land Bank homes is the cost of renovation, which typically exceeds the home’s appraised value. As result, the home buyers must have the available cash necessary to fund the rehab.
Given the challenges that the large inventory of vacant homes presents, the program partners came together to develop an investment strategy that will support the revitalization and stabilization of Detroit neighborhoods. The Home Repair Program is designed to address the issue of neighborhood stabilization by committing to renovate homes in targeted neighborhoods which will over time increase the appraised value of area property, as well as, attract additional private investment to expand revitalization efforts beyond the Midtown and Downtown Detroit region.
This program provides an opportunity to invest in Detroit neighborhoods and create family-supporting union jobs by using 100% union labor and providing job training opportunities for local residents. The inclusion of the Building Trades pre-apprenticeship program for women and minorities, Access for All, further expands the program’s neighborhood impact.
Program Contact:
David Eubanks
AFL-CIO Housing Investment Trust
202.467.2576
Home Sale Contact:
Todd Burk
Southwest Housing Solutions
313.297.1368
Partners and Responsibilities
City of Detroit
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