Comerica Aims to Aid Detroit Homebuyers

Jun 20, 2017

Detroit Mayor Mike Duggan has announced plans to establish a $250 million multifamily affordable housing fund that is designed to preserve 10,000 existing affordable housing units while developing 2,000 new units

Comerica Bank has that it will invest up to $5 million and become a participating lender in Detroit Home Mortgage, a program managed by Community Reinvestment Fund USA to assist prospective homebuyers in the beleaguered Michigan city.

This is the latest effort by Comerica to improve its presence in Detroit. Earlier this year, the bank announced plans to open new locations, relocate offices and sell existing offices in order to make way for new developments in the city’s downtown.

"It's been inspiring to watch the transformation of downtown Detroit over the past several years," said Michael T. Ritchie, president of Comerica Bank-Michigan. "Detroit Home Mortgage is helping to push that revitalization out into the neighborhoods and we're proud to support that effort through our investment in Detroit Home Mortgage."

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Phil Hall

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Jun 20, 2017

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