New Second-Mortgage Program Could Be A Game Changer For Detroit
Many of Detroit’s homes are in need of substantial rehabilitation. Once rehabbed, however, the weak housing market there means they are often appraised for less than the value of the home and the repairs. This creates an “appraisal gap,” which has been holding back the city’s housing market recovery. Last week, Detroit’s Mayor Mike Duggan unveiled the Detroit Home Mortgage Initiative, a new program that could be a potential game changer. The new program, designed to address this appraisal gap,...