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The Rocket Community Fund and the city of Detroit have pledged a total of $5 million to expand a program that renovates and sells move-in ready land bank homes.
In an announcement expected Thursday, the Rehabbed & Ready program, created by Quicken Loans and the Detroit Land Bank Authority in 2015, will expand into 10 neighborhoods across Detroit through the city s Strategic Neighborhood Fund. The goal is to develop a pipeline of at least 200 homes for sale.
“We are really thrilled about the opportunity to scale,” said Laura Grannemann, vice president of the Rocket Community Fund, the philanthropic arm of Quicken Loans Rocket Mortgage. “And over the last five years, we’ve really proven out the model that when you invest in properties that were formerly publicly owned in strategically located places, you can not only eliminate blight, you can also make sure that sale of that home has ripple effects that are felt by all of the homeowners in that neighborhood. That’s reall
DBusiness Daily Update: Rocket Community Fund and City of Detroit Invest $5M in Home Rehab Program, Automation Alley Distributes 300 3-D Printers, and More
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New $5M investment in Rehabbed & Ready program will increase access to financing for Detroit homes
Tony Dejak/AP
Posted at 9:20 AM, Apr 15, 2021
and last updated 2021-04-15 09:20:02-04
DETROIT (WXYZ) â The Rocket Community Fund and City of Detroit announced a joint $5 million investment in the Rehabbed & Ready program.
The program is a public-private partnership that renovates homes, creates new homeowners and increases access to financing in Detroit neighborhoods that have an appraisal gap. It was created alongside the Detroit Land Bank Authority in 2015.
Additionally, each property creates job opportunities for local contractors.
âThe Rehabbed & Ready program has made affordable home ownership possible for a lot of Detroiters who may not have been up to the challenge of renovating a vacant Land Bank house themselves,â Detroit Mayor Mike Duggan said in a press release. âScaling up this program will create this opportunity for more residents across all Str