DETROIT, MI – Non-profit organizations and foundations are coming together to offer financial assistance to homeowners in two central Detroit neighborhoods in an effort to further boost the area’s marketability and reduce blight.
Vanguard Community Development Corporation, with support from The Kresge Foundation and Capital Impact Partners, is spearheading the Restore North End program, which will offer up to $20,000 to homeowners in two areas of North End.
One area is the six-block area around Delores Bennett Park, just north of East Grand Boulevard, and the other is the Arden Park-East Boston area and surrounding streets. The latter, with its unique and historic homes, is already 90 percent occupied, according to the VCDC.
The money given to homeowners will be divided half by a subsidized loan and half as a forgivable grant. Half of the homeowner’s expenses have to go toward exterior improvements, depending on the condition of the property.
VCDC says it hopes to expand the program if its first go-round is successful.
Representatives of VCDC and of Michigan Lending Solutions, which is helping to implement the program, could not be reached for comment Tuesday.
Residents who live in the target areas and would like more information, or to apply, can contact Hanna Robey, Lending Officer, Michigan Lending Solutions at 313.600.4180 or hrobey@swsol.org.
VCDC is the non-profit development arm of Detroit’s Second Ebenezer Church.
David Muller is the business reporter for MLive Media Group in Detroit. Email him at dmuller@mlive.com or follow him on Twitter or Facebook.