From Brittany on August 23rd, 2011 in General Remodel
Detroit Mayor Dave Bing recently announced the Call It Home initiative, his latest program to be unveiled under the mayor’s Detroit Works Project. Through a partnership with Citizens Bank, $1.625 million in grants and loans will be available to current homeowners in select neighborhoods.
Homeowners are eligible to receive up to a $10,000 match on exterior home improvements. The qualifications are minimal. The home cannot be more than a two-family home, it must be insured, and the homeowners cannot be behind on their taxes.
Any exterior restoration, repair or beautification renovation qualifies, from siding and roof replacement to residential solar system installations. The money will be disbursed on a first-come, first-served basis.
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A half century of depopulation has resulted in a critical lack of density in Detroit neighborhoods. Fewer people means fewer taxes, which in turn, means slimmer resources to address the numerous challenges posed by depopulation. Seeking to break the cycle, Mayor Dave Bing created the Detroit Works Project in September of 2010, an initiative to restore neighborhoods and to help create jobs.
The Detroit Works Project has already attracted $2 billion in healthcare jobs and secured funding from the U.S. Department of Housing and Urban Development.
Project 14 is the latest program in the Mayor’s plan to rebuild the city. The goal is to encourage police officers to live within the city by providing them assistance with purchasing and renovating homes. However, the Call It Home program is available to all homeowners within the designated neighborhoods, not only police officers.
The Call It Home program is the third partnership with financial institutions that Bing has announced this month. Bank of America has pledged 10 free homes to police officers returning to the city. JPMorgan Chase will provide $1 million in down payments to help bring another 70 police officers back into Detroit.
“All of these programs have the same goal,” Bing said, “to help us create neighborhoods that are dense, viable and safe.”
Earlier this year, Citizens Bank settled a lawsuit with the U.S. Justice Department’s Civil Rights Division. The bank had been accused of discrimination against Detroit minority residents. Citizen Bank’s involvement in the Call It Home program is partly the result of an agreement under the settlement to invest $3.6 million into home development during the next five years.
Citizen Bank President and CEO expressed enthusiasm for the program. “It’s really great to be part of the momentum that is building in Detroit,” Nash said.
Consumers interested in the $10,000 remodeling reimbursement project can apply for grants and loans through the Call It Home program website.
Photos via Houzz