The Detroit Land Bank Authority is taking over almost 40,000 residential properties owned by the city. The Detroit City Council is also granting the Authority $11.8 million to help maintain or demolish properties.
Authority spokesperson Craig Fahle says the money is more a payment than a subsidy.
“Everything from the title work we do on the vacant properties, to the demolition program, all these were typically something that was handled by the city.,” Fahle says. ”That’s being handled by the land bank now so a lot of the money that’s coming from the city government is recognition of the fact that we have taken on a lot of those duties.”
Fahle says the deal will allow the Authority to get more properties into the hands of city residents.