Detroit To Offer Zero-interest Home Loans
Detroit will offer zero interest loans to certain long-term or low-income homeowners.
Detroit officials say they will offer zero-interest loans to those who invest in repairing homes in the city.
Detroit Mayor Mike Duggan noted during his recent State of the City address that his administration would offer funding to help homeowners improve the condition of houses and, by extension, neighborhoods.
Now the city is ready to dip into an $8 million pool of funds to give select homeowners loans of anywhere from $5,000 to $25,000 with no interest added on.
Home owners who have low incomes or have owned and lived in their house for at least six months will be eligible for the program.
