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The neighborhoods are getting some love from Dan Gilbert.
The Quicken Loans founder will donate $5 million and partner with Home Depot in a public-private program, "Rehabbed and Ready," that aims to renovate as many as 65 abandoned homes in four west-side Detroit neighborhoods.
Targeted areas are Bagley, Crary-St. Mary's, College Park and Evergreen/Outer Drive. The goal is to improve those areas and help boost home values across the city.
“The Rehabbed and Ready program will make home ownership in Detroit accessible to more people by giving them the opportunity to purchase a Land Bank home that’s move-in ready,” Mayor Mike Duggan said, according to a press release. “But more than renovating 65 homes, this initiative will provide opportunity to thousands of homeowners in the surrounding neighborhood, as it will allow more accurate appraised values which will generate home financing in the area.”
The way the city describes the program, the Detroit Land Bank will provide vacant homes in need of repair and auction them off. Quicken Loans will put up a $5 million grant and offer financing to qualified buyers. And Home Depot, with the help of local contractors, will renovate the homes.
“The neighborhoods of Detroit are already starting to turn around," said Gilbert. "Blighted homes are being removed at a record pace. Other homes are being renovated and we have even seen residential new construction in neighborhoods get underway for the first time in decades."
“The Rehabbed and Ready program adds another critical component to neighborhood revival as it addresses the critical issue of rebuilding the market so appraisal values can be rationalized to allow financing to come back to the housing eco-system in Detroit.”
