Illustration: Aïda Amer/Axios
Detroit's new down payment assistance program will use $6 million in pandemic relief funds to give hundreds of current renters up to $25,000 to purchase a home.
Why it matters: Homeownership is one of the greatest tools to create generational wealth, and past discriminatory policies, like redlining, have kept Black people from homeownership, Council President Mary Sheffield said at a news conference last week.
Driving the news: The program, announced last Thursday, will use American Rescue Plan funds to give grants to up to 400 lower-income residents, as well as those whose home was foreclosed due to property tax overassessment between 2010 and 2016.
- It's part of a $203 million affordable housing plan unveiled last July.
Details: To be eligible, applicants' household income can't exceed certain thresholds, such as $43,740 for a one-person household, $59,160 for two and $74,580 for three.
- Applications are reviewed on a first come first serve basis. You can apply online or by calling (313) 244-0274.
What they're saying: "There are a lot of Detroiters who are paying more in rent each month than the cost of a mortgage payment, but need some help with upfront costs associated with purchasing a home," Mayor Mike Duggan said.
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April 03, 2023 at 05:28PM
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Detroit's new down payment program offers up to $25K to some renters - Axios
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