Detroit Land Bank Authority

Detroit leaders hope to solve a real estate riddle with some help from banks and non-profits.

The Detroit Home Mortgage program is designed to counter stubbornly low property values in the city.

Those low values mean low assessments — which prevents many otherwise-qualified homebuyers from getting traditional mortgages that cover the full sale price of the home, or include the cost of needed renovations.

A major home mortgage lender has reached a deal to end a federal investigation into alleged racial discrimination. The settlement will mean millions of dollars for housing programs in Wayne County.  

Citizens Bank is the largest bank holding company headquartered in Michigan and one of the 50 largest in the country.