DETROIT — Mayor Mike Duggan has announced a new program to make loans and renovation funding available to city workers who buy homes through the Detroit Land Bank Authority auction.
Duggan said Friday that the Flagstar Bank mortgage program will offer city workers loans of up to 300 percent of the home's value to help fund renovations. Renovation funding will be included in the mortgage.
The program is part of Duggan's efforts to get more municipal workers to live in Detroit.
In March, Duggan announced a 50 percent discount on Land Bank homes for city workers, retirees and their immediate family members. More than 40 homes have been sold to qualifying bidders as part of the employee discount program.
The Land Bank is auctioning three houses each day online.