The Detroit Land Bank Authority, Quicken Loans, and The Home Depot are partnering on an initiative to bring stability to the city’s housing market. Mayor Mike Duggan calls it the “Rehabbed and Ready” program. Its goal is to refurbish and sell homes in an effort to increase the value of the neighborhoods. Quicken Loans Chairman and Founder Dan Gilbert says boosting comparables, also known as comps, will have a “snowball effect” on sales.
“Appraisers get their value on homes by looking at three or four similar sold homes in that same neighborhood. Now we’re going to have comps, so that will allow financing to hopefully occur, not just from Quicken Loans although we’ll take it, but for the rest of the banks, the rest of the people who want to lend, and the rest of the neighbors who want to refinance or purchase a home.”
Dan Gilbert, Quicken Loans
Quicken Loans is helping to fund the project through a $5 million grant. The “Rehabbed and Ready” campaign will renovate 65 homes on Detroit’s west side.