Mortgage loans, grants helping Detroit in city's comeback
DETROIT (AP) — Banks and other lending companies are making capital available to home buyers and businesses in Detroit. Some lending and grant programs have included:
— $5 million in grants pledged by Detroit-based Quicken Loans to help improve up to 65 vacant houses for auction in four west side neighborhoods as part of the "Rehabbed and Ready" program.
— $1 million invested by JPMorgan Chase in a commercial building rehabilitation project on the city's North End. The funding is part of the bank's $100 million, five-year commitment to Detroit's economic recovery.
— Bank of America is part of a program that combines a zero-down, low-interest fixed rate mortgage on new, existing, and single to four-family homes and condominiums in Detroit. Renovation funds are included in the mortgages.
— Citizens Bank is funding a total of $175,000 in micro-grants to the Eastern Market Corp. in Detroit and small businesses in southeast Michigan. The money will be used for new equipment or other items intended to help the businesses expand or become more efficient.