Land Bank to Sell Homes to Occupants
The Detroit Land Bank Authority is now selling houses it owns to the families living in them for $1,000.
The Detroit Land Bank Authority has launched a pilot program to help sell homes to occupants for one thousand dollars. Spokesperson Craig Fahle (folly) says there are about four thousand houses the land bank owns that currently have people living in them.
He says the purpose of the program is to keep residents in Detroit.
“These are people that may have lost the house to foreclosure or they were a tenant and a landlord lost it to foreclosure,” Fahle says. “And they all of a sudden find themselves in a situation where they are living in a house they don’t own and we’re trying to come up with a plan to let them stay in their homes.”
Residents who qualify to purchase the properties will have to take a home ownership class, pay 100 dollars a month to cover property taxes, and must stay current on their water bills.
Fahle says the deed will be signed over to the new owners after a year.
