Skip to main content

Detroit Offers City Workers 50 Percent Discount on Housing Auctions

Phil Hall
Jan 28, 2015

In an effort to revitalize a housing market that is considered to be among the most problematic in the country, Detroit Mayor Mike Duggan has launched an initiative that is designed to give municipal employees and their families the opportunity to purchase homes at a 50 percent discount through an auction program run by the Detroit Land Bank Authority.

"We are extending this offer not just to employees, but to immediate members of families; parents, siblings and children or legal guardians," said Duggan in a Monday news conference. "We want our folks back in the city."

The Detroit News reports that eligible participants in the initiative need to register with the program through the BuildingDetroit.org Web site. Following verification of their eligibility, participants can then bid on available properties that are now being auctioned.

The program is also being aimed at keeping the municipal workforce in the city—roughly half of this workforce now resides in Detroit. The program is also open to retirees that seek to make Detroit their primary residence. The auctions take place online, with two homes going up for bidding per day with starting prices at $1,000 per property.

The 50 percent discount is provided after the auction closes, but those with winning bids will still need to meet program requirements related to the repair and occupancy of the properties—the program requires that the winning bidders live in the house for at least three years. If the property is resold prior to the end of the three year period, the homeowner will need to share a percentage of the home sale with the city.

Duggan had originally planned to require a minimum employment of six month for eligible municipal workers, but that was dropped after input from the local public safety unions.

"As soon as you start work, you are going to be eligible," Duggan said. "That's significant as police and firefighters start training in Detroit. We wanted to make sure this was immediately available."

Published
Jan 28, 2015
Bankruptcy Court Approves RMF Requests

Payments to reverse mortgage borrowers to resume.

Industry News
Dec 05, 2022
Redfin Adds Zoning Data For More Than 70M Homes

Real estate brokerage teamed with Zoneomics to educate buyers on zoning implications.

Industry News
Dec 05, 2022
Guild Mortgage Acquires Inlanta Mortgage

Guild CEO says acquisition is part of broader plans to expand nationwide.

Industry News
Dec 02, 2022
Ohio Couple Sues Mr. Cooper Unit Over Loan Modification Denial

Seek class action status over denial of COVID-19

Industry News
Dec 01, 2022
Ready Life Changing The Homebuying Narrative

CEO says that the credit score system is an out-of-date barrier to people of color

Industry News
Nov 30, 2022
Title Business Takes Center Stage

Business turning into a hot topic with proposed changes

Industry News
Nov 30, 2022