Bank of America donating houses to entice Detroit cops to live in city
Darren A. Nichols / The Detroit News
Detroit— Bank of America is donating 10 houses for the city's project to lure city officers back into city neighborhoods and will tear down 100 vacant properties under a partnership with the city, Mayor Dave Bing announced this morning.
The Project 14 program — named for the police code for "back to normal" — offers housing assistance on tax-foreclosed homes. Under the initiative announced this morning, city officials will look at Bank of America inventory to identify homes that will be used for the project.
"When you look at the kind of support we're getting from the business community, we have a unique time in terms of good alignment in the city," Mayor Dave Bing said. "We obviously know a lot of the issues we're confronted against in bringing this city back, but because of the support we're getting from the business community and others, we've got a real chance to change the city."
Under Project 14, 200 tax-foreclosed houses are being offered to officers in Boston-Edison and East English Village for as little as $1,000 down, plus up to $150,000 in grants for renovations. The city has said about 200 officers have expressed an interest in the program, which comes with a monthly housing payment of $500 to $1,000.
More like Bank of America has found suckers
With their mark to market accounting tricks, this may be a great way for them to write off these properties at full face value.
BoA is not and never has been a humanitarian outfit.