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Mayor
Duggan
presents
Lakeya
Snapp
with her
deed and
certificate
of
completion
from the
Buy Back
program.
The
Occupied
Buy Back
program
provides
a
responsible
pathway
back to
home
ownership
for
former
owners
and
renters
alike,
and
provides
them
with the
budgeting
tools
and
wraparound
services
necessary
to help
avoid
similar
situations
in the
future.
(Photo
by HB
Meeks/Tell
Us
Detroit) |
| |
80
foreclosed
families
complete
'Buy
Back
Program',
get
homes
back
·
Group is
first to
complete
innovative
program
to keep
Detroiters
in their
homes
·
Hundreds
more on
pace to
complete
program
in
coming
year
DETROIT
- The
first
group of
families
to
fulfill
the
requirements
of the
Detroit
Land
Bank’s
“occupied
buy-back”
program
received
a free
and
clear
deed to
their
homes
today.
Participants
in the
program
had
either
lost
their
home to
foreclosure,
or were
tenants
in a
home
that a
landlord
lost to
foreclosure.
Those
homes
eventually
ended up
in the
Detroit
Land
Bank’s
inventory.
“This is
an
important
day in
Detroit”
said
Mayor
Mike
Duggan.
“This
program
helps
stabilize
neighborhoods
by
keeping
homes
occupied.
Not only
does a
family
get to
stay in
their
home,
but it
also
reduces
the
possibility
of the
home
becoming
vacant
and
blighted.
Our
neighborhoods
are
strongest
when
homes
are
lived in
and
cared
for.”
The
program
is open
to the
following
individuals
who:
· Were
the last
owner of
record
before
public
ownership
· Were
renting
the
property
at time
of
foreclosure
· Has a
family
member
that was
the last
owner of
record
before
public
ownership
·
Believed
they
were the
owner of
the
property
· Were
paying
utilities
in the
property
for at
least
twelve
months
· Can
demonstrate
that
they
have
made
significant
improvements
to the
property.
This
covers a
wide
swath of
people
living
in homes
post-foreclosure.
Already,
the DLBA
has been
contacted
by over
1500
people
wanting
to
participate.
566 are
currently
enrolled,
with new
enrollments
happening
every
month.
Eligibility
There
are
several
requirements
for
participants
in the
Occupied
Buy-Back
program
to meet
before
they can
exit the
program.
First,
homebuyer
counseling
sessions,
offered
by
several
partner
organizations,
are
required.
This
helps
determine
the
financial
ability
of the
occupant
to
successfully
own and
maintain
the
home.
The
occupant
then
pays a
flat fee
of $1000
to
purchase
the
property.
In
addition,
they
must put
the
equivalent
of one
month’s
worth of
property
taxes
into an
escrow
savings
account
that
will be
used to
pay the
following
year’s
property
taxes.
The deed
to the
home is
placed
in
escrow
until
that
occurs.
During
the year
long
period,
the
occupant
must
maintain
the
exterior
of the
home,
keep
current
on both
their
tax
payments
and
water
bills,
and
attend
quarterly
workshops
with the
DLBA
partner
agencies.
Once
completed,
the deed
is
removed
from
escrow,
and the
home
then
belongs
to the
occupant.
“We are
excited
for
people
to be
able to
stay in
these
homes”
said
Detroit
Land
Bank
Interim
Executive
Director
Irene
Tucker.
“We have
created
a
program
that
gives
eligible
occupants
a
responsible
path to
home
ownership.
This is
just the
first
group of
many
that
will no
longer
have to
worry
about
when or
if they
will
have to
leave
their
home.”
The
Occupied
Buy Back
program
provides
a
responsible
pathway
back to
home
ownership
for
former
owners
and
renters
alike,
and
provides
them
with the
budgeting
tools
and
wraparound
services
necessary
to help
avoid
similar
situations
in the
future.
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