First Marygrove houses awarded to city being added to auction site
Winning bidders will be elgible for up to $25,000 in forgiveable loans
DETROIT – Mayor Mike Duggan, members of City Council, and representatives of the Detroit Land Bank Authority returned to Marygrove to announce that the first houses awarded to the Land Bank through the nuisance abatement process will be added to the BuildingDetroit.org auction on July 23.
The eight homes can be toured by interested bidders July 20 from 1-5 p.m. To RSVP for the tour visit: www.BuildingDetroit.org.
"This is one more example of how city government is following through on the things it says it will do to improve neighborhoods," said Duggan. "Taking homes is not our goal; getting them fixed up is our goal. If we do take title on a home, we are going to put it into the auction as soon as possible."
The award of the first nuisance abatement program homes was finalized Friday. Other homes in the neighborhood are nearing the final stages of the process. The majority of them will be added to future auctions while some will be demolished.
Homes in the neighborhood owned by the Wayne County treasurer will also be transferred to the Land Bank and added to the auction.
SIGNS OF PROGRESS EVERYWHERE
After the 2008 financial crisis many homeowners who were facing foreclosure left their homes behind.
Now there are signs of progress as work crews and construction dumpsters are common sights on many streets.
"If people want to see the future of Detroit's revitalization, it's right here in Marygrove," said Council President Brenda Jones. "Vacant homes are being fixed up and auctioned, new LED streetlights have been installed and neighborhoods are taking pride in their own homes by fixing them up as well. This is what residents can look forward to seeing in neighborhoods across the city very soon."
TALMER BANK OFFERS $1 MILLION IN FORGIVABLE LOANS
Talmer Bank announced that it will make the $25,000 in forgivable loans, it promised when the city started taking action in the neighborhood, available. Winning bidders can receive up to $25,000 in loans from Talmer Bank and $5,000 of that loan will be forgiven for every year they live in the house.
"Talmer Bank is excited to support the City of Detroit and the Detroit Land Bank Authority to increase home ownership and vitality in the Marygrove neighborhood through our $1 million in forgivable loans," said chairman and CEO of Talmer Bank and Trust David T. Provost. "We hope these funds will help winning bidders turn their house into a home where they can create great family memories."
For more information about the Talmer Loan Program or other financial assistance for the Neighbors Wanted auction, visit: http://buildingdetroit.org/Financing
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