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Detroit home renovation program to get $5M injection
April 15, 2021
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DETROIT (AP) Detroit and the Rocket Community Fund said Thursday that they are contributing $5 million to a program that renovates houses and provides better access to financing for existing and potential homeowners.
The funding is expected to add at least 200 homes across 10 Detroit neighborhoods to the Rehabbed & Ready program, which turns blighted single-family homes owned by the Detroit Land Bank Authority into move-in ready ones. The land bank oversees the renovations.
The $2.5 million from the Rocket Community Fund will finance renovations and help cover the gaps between construction costs and the sale prices of homes.
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