Unless you are Compuware or some other big-time developer, its not likely you’ll be able to snap up city property for a buck. So don’t believe the rumors floating around.
In fact, with property values on the rise, homes in revitalizing areas are surprisingly expensive, and affordable housing is nearly nonexistent. Consequently, ACORN — a nonprofit housing group that helps low- and moderate-income people own homes — is holding a free seminar Saturday. Bankers and other experts will be on hand to advise on city home ownership programs as well as low-cost housing and business loans, grants and mortgages. Free credit advice and reports will be available, as well as information on a city program that allows people to live rent- and tax-free for three years if a list of repairs to a vacant, city-owned property are completed. At the end of three years, the tenant can own the property. The classes run from noon to 4 p.m. in the Crystal Ballroom of the Masonic Temple, located at Second and Temple in Detroit. Call 313-964-1840 for more information.
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