The homes will not be for sale to investors.
Quicken Loans founder Dan Gilbert says the number of foreclosures on the company’s loans for Detroit homes reflects the large volume of investments made in the city.
More than half of mortgage foreclosures in the last 10 years are now blighted or abandoned.
The Kresge Foundation says it will invest in large-scale Detroit projects that help convert blighted land into mixed-use, mixed-income developments.
People representing government, business and nonprofits from around the country are visiting Detroit to discuss issues related to vacant properties.
Live in Detroit? Need a hand fixing up the house? Help is coming.
“You look for one that’s decent, already fixed up,” the 58-year-old homeless woman said. She sees it as a community service.
Herb Strather has dropped plans to buy 6,350 vacant houses and lots he earlier claimed in a tax foreclosure auction.
Some preliminary demolition is underway at Detroit’s historic Packard Plant, to prepare the sprawling complex of abandoned buildings for an ambitious redevelopment project.
Parolees and probationers are expected to join law enforcement officials and a Detroit neighborhood group to help eliminate blight in the city.