Mayor Duggan has outlined a new plan designed to help city workers buy and renovate homes in Detroit. The pilot mortgage loan program is available for active and contract employees who buy houses via the Detroit Land Bank Authority’s home auction program.
The loan program is being offered in partnership with Flagstar Bank to provide eligible Detroit workers 15-year, fixed-rate mortgages at up to 300 percent of the home’s value to cover renovations. Only about half the city’s employees currently reside in the city.
Earlier this year, The mayor introduced a 50 percent employee discount program for houses purchased through the Detroit Land Bank Authority’s home auction.