But makes back only $2 million on sales.
Detroit City officials spent as much as $537,000 per home renovating 30 houses under a federal program to fight blight only to sell most for less than $100,000 a piece, a Detroit News investigation has found.

The Detroit Land Bank transformed eyesores — some that were rotting and burned — into gleaming gems, with glass-tiled bathrooms, stainless steel appliances, underground sprinkler systems and even $35,000 geothermal heating in a few. The goal was to entice middle-class families into East English Village and Boston Edison to strengthen the neighborhoods.

But as the land bank works to sell the last three homes in the program that began in 2011, even some buyers say the costs are outrageous for a bankrupt city. Susan Hanafee was shocked to learn from The Detroit News that $430,000 was spent on the three-story Boston Edison home she bought last year for $80,000.
In addition, several families got between $10,000 and $20,000 in forgivable down payment assistance.

Wasteful spending or needed rehabs to save two neighborhoods?

http://www.detroitnews.com/article/2...ring-2-million