DETROIT -

The president of the Detroit City Council says he can't afford the mortgage on his condominium and might walk away from the property.

In a statement Friday, Charles Pugh said he, like others in the city, was not immune to financial challenges.

I knew when I decided to run for office that it would come with many sacrifices, and like other citizens, I would need to make tough personal decisions,” he said.

Pugh, the mayor and other council members are trying to get Detroit in better financial shape to prevent a state takeover.

Pugh’s full statement:

“This is a difficult time for individuals and families economically in Detroit and throughout the state and I am not immune from these financial challenges. I knew when I decided to run for office that it would come with many sacrifices and like other citizens, I would need to make tough personal decisions. I faced foreclosure near the end of my campaign after having no salary for nearly a year and accepting a pay that is one-third of what I earned working at Fox 2. To the credit of the Wayne County Foreclosure Prevention program, they helped me to renegotiate my mortgage to a lower, more affordable payment from nearly $4,000 per month down to under $3,000 plus association fees. However, immediately after taking office in January 2010, I joined Council in voting to take a 10 percent wage cut bringing my take home pay down to approximately $1900 every two weeks - making my mortgage payments has been a struggle for me since. I fought hard to stay in my condo because I had an attachment to it, but I can no longer afford to do so. I am devoted to this City and helping us to move forward despite wage cuts and personal sacrifices such as foreclosing on my own home. These are the tough choices Detroiters make every day and I am no different."