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Detroit tries unconventional approach to restoring its housing market - The Washington Post
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The effort by a community bank, Talmer Bank, to fill in for the lack of mortgage lending for certain neighborhoods in Detroit with abandoned or ransacked homes. Talmer Bank provides $25,000 loans so that these homes can be repaired and restored. Another agency helping in this work of renewal of these neighborhoods is the Detroit Land Bank Authority which auctions abandoned homes with bids starting at $1000. That agency was started in 2007 and is now making fresh efforts under Mayor Mike Duggan. This agency had in 2015 about 22,351 residential structures and 54,660 vacant lots in its inventory, one fifth of the land in the city. Between 1900-1950 Detroit's population grew to 1.85 million. Then by 2010 as the auto industry hit a downturn and residents departed from a declining city the population declined to 700,000. Other approaches taken by DLBA are to fix up abandoned homes and sell these properties sometimes at a loss, and to demolish homes that cannot be restored to raise property values in the neighborhood. Even here with scarce resources the DLBA has to pick and choose which neighborhoods have the best chance of recovery to invest resources.
Detroit- rebuilding dilapidated housing in the inner city 2014-2016
11/27/2015
Talmer Bank provides $25,000 loans to home buyers for dilapidated and ransacked houses in some Detroit neigborhoods with abandoned properties. The houses are then renovated by buyers who get a mortgage free property to live in. This is necessary because very few new mortgages are written for such homes in bad condition. It is hoped that at some point the housing market in the city for these neighborhoods will recover and normal lending can start.
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