Detroit Families To Receive Deeds To Land Bank homes
DETROIT (AP) — More than 70 Detroit residents are expected to receive deeds to their homes after completing a program designed to help stabilize city neighborhoods.
The deeds are being presented Tuesday afternoon during a ceremony at the city's Northwest Activities Center.
The Detroit Land Bank Authority says the owners have completed its Occupied Buy Back Program which was launched in 2015.
The program requires homeowners or people renting homes that owners lost to foreclosure to attend homebuyer counseling sessions, pay a $1,000 fee to buy the property and sock away a month of property taxes into an escrow savings account.
The homes also have to be maintained. Tax payments and water bills have to be kept current.
About 180 people completed the program last year.
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