DETROIT — Fannie Mae is transferring 44 of its foreclosed houses to Detroit and giving the city $15,000 apiece for 18 of the properties that need to be demolished.
Monday's announcement from the federal government-sponsored Fannie Mae outlines a partnership with the Detroit Land Bank Authority to help stabilize neighborhoods hard-hit by foreclosure. The other properties involved are to be renovated.
The Detroit News reports this is the first group of surplus foreclosed properties that Fannie Mae plans to get into the city's hands.
Kevin Simowski of the Land Bank says the agreement is an important piece of its larger strategy to stabilize neighborhoods through its auction program, demolitions and side lot sales. He says the Land Bank is "working with multiple financial institutions on similar deals."
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