Detroit, Bank of America announce "new partnerhip"
The city of Detroit and Bank of America have announced what both call “the start of a new partnership.” Bank of America says it will demolish 100 “vacant and low-value” homes in Detroit at their own expense. The bank says it will also donate 10 refurbished homes to the city’s Project 14. That’s an effort to lure Detroit police officers back to the city with housing incentives. Karla Henderson, Mayor Dave Bing’s Group Executive in charge of Project 14, says she and the Mayor will choose the 10 homes from the bank’s inventory, based on what participating officers are interested in. “This has definitely been a work in progress. So we’re very excited about this announcement because it just adds another layer of inventory for us to choose from.” Bank of America says it will also open two permanent customer assistance and mortgage modification centers in Detroit. It’s unclear exactly when and where those centers will open.