Detroit Mayor Duggan unveils interest free loans for 'those who stayed'

The city of Detroit covers 1,337 square miles and Detroit Mayor Mike Duggan has unveiled a program that will help every neighborhood.

On Tuesday, Duggan announced his interest free home repair loan program that will make it possible for Detroit home owners to rebuild or repair their homes. 

Detroiter Obie Trice, the father of the rapper by the same name, knows the importance of taking care of his home. After completing one repair job, he knew trying to finance another would be tough on his wallet.

Duggan's zero interest loan program can help homeowners make repairs without breaking the bank. On Tuesday, Duggan announced his interest free home repair loan program that will make it possible for Detroit home owners to rebuild or repair their homes. 

"I'm hoping we're going to get 800 to 1,000 homes in this city where people fix them up because property values are going up." Duggan said.

City leaders say the program will pump $8 million of private investment into neighborhoods. Half of the money will be provided by Bank of America. Mayor Duggan says as homeowners repay the loans more people can profit

"That's the beauty of this program. We're creating a permanent source of funding to finance the rehab of homes."

Mayor Duggan says the idea for this program came from countless conversations he had with Detroiters; some who were denied loans by banks to fix up their property But city leaders says this program is about making repair work an affordable reality for homeowners

"We're creating a permanent source of funds to rehab houses," Duggan said. "This is for those people who hung in with us."

The funds will be a permanent source and is only available for people who qualify. The requirements are you must own your home, be a low income resident or live in a designated area, and several other criteria. The entire list of requirements can be found here.

Loans from $5,000 to $25,000 will be available for homeowners and are interest free if paid back within ten years.

If you believe you qualify, click here to apply for the interest free loans which become available at noon on Tuesday.
Up Next:


  • Popular

  • Recent

Stories you may be interested in - includes Advertiser Stories