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City hires consultant to redesign 0% home repair loan program; staff shares decade of data
Summary
The committee advanced a $108,000 contract to bring on the Ownership Initiative to redesign Detroit’s 0% home repair loan program; HRD reported the program served about 825 households and lent roughly $16.7 million over the last decade.
The Planning and Economic Development committee on Jan. 29 voted to send a $108,000, one-year contract to the Ownership Initiative Consulting LLC to formal consideration, recommending approval to redesign Detroit’s 0% home repair loan program.
Chief Rico Roscoe of the Housing and Revitalization Department told the committee the current program allows borrowers to take up to $25,000 at 0% interest and repay over 10 years. “Over the last decade, we’ve helped 825 households through the 0% interest home repair loan program,” Roscoe said, adding the program has supported about $16,700,000 in borrowing. He provided preliminary demographics: average…
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