Detroit to give city employees, retirees big discount on auction houses
DETROIT – Any Detroit city employee or retiree who wins a home through the city's land bank auction will get it for half the price.
"Any city employee or city retiree who goes onto the website, registers in the auction and wins the bid will get a 50 percent discount," Mayor Mike Duggan said Monday during a press conference. "We want our people back in the city. We want the people who are in the city now as renters to become homeowners."
The discount would also apply to immediate family members of city employees and retirees.
"It would include their parents, it would include their siblings, it would include their children," Duggan said.
The City Council must approve the proposal, but Duggan said he's expecting it to pass and the discount would begin in mid-February.
The only requirement for the discount would be that owners continue to own the house for at least three years. If they resell the house before three years, they will have to share any profit with the land bank on the following formula:
Sale in first 12 months: 75% of profit returned to land bank
Sale in 13-24 months: 50% of profit returned to land band
Sale 25-36 months: 25% of profit returned to land bank
Properties and information on the auction is at www.BuildingDetroit.org.
Bids start at 9 a.m. and closed at 5 p.m. each day.
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