The cities of Taylor and Allen Park are partnering with a realty company to buy and renovate tax-foreclosed homes. Officials with the company Realty Transition say they will claim the homes from Wayne County, refurbish them and then put them back on the market.
Allen Park Mayor William Matakas says the deeds to the homes require them to be occupied for five years, in hopes of preventing them from becoming a rental property.
We found that people during this period of time, when the market has been so disrupted, that the people that come in and rent, they put nothing into the property. They’ll rent it to anybody, and the properties are turning over renters all the time. It’s disruptive to the neighborhoods.
- William Matakas, Allen Park mayor
Matakas says the realty company will add about $30,000 worth of updates to the properties. He says the company has one year to complete the renovations.