DEARBORN, Mich. -- A new program in one metro Detroit community is offering discounts to existing homeowners who purchase vacant lots.

The average age of a house in Dearborn is 78 years old, and many lack the modern amenities and space to attract new homebuyers.

But the Dearborn Neighborhood Stabilization Project is offering deep discounts to existing homeowners who are willing to spruce up foreclosed and vacant lots.

Homeowners must agree to build garages, driveways and make other practical additions to improve the lot’s curb appeal. But by offering greatly-reduced sale prices to interested area homeowners, the city has reduced its housing stock by almost half and driven up property values.

“Almost all the ones we’ve bought so far were torn down,” said Dearborn Mayor Jack O’Reilly Jr. “But here’s the amazing thing, the average price for all 103 properties is around $17,000. So we were buying bottom of the market, these were not habitable homes.”

Several residents in Dearborn said they are excited for the program to catch on because they are tired of having ailing lots as neighbors.

For more information on the program, visit www.CityOfDearborn.org.