Quicken Loans Inc.
has announced that it is donating $300,000 to an endeavor that will move 80 Detroit homes out of tax foreclosure
and resell them to the residents who were renting them from delinquent owners.
According to a Crain’s Detroit Business report
, the homes will be sold to the rents at prices ranging from $2,500 to $5,500. Interest-free loans will be provided to the renters, who will need to repay them over six months. The funds from each home sale will go back to fiduciary United Community Housing Coalition at a break-even rate, which will then be used to expand tax foreclosure prevention efforts across Detroit.
"Keeping longtime residents in their homes is critical for Detroit's stability and growth," said Laura Grannemann, vice president of strategic investments for the Quicken Loans Community Investment Fund. "One step toward that goal is creating pathways to sustainable homeownership and occupancy in order to prevent future blight and build equity in our neighborhoods."