J.P. Morgan Case has just announced that it will be partners with Liberty Bank to help revitalize the Detroit housing market. For those looking for a loan on a Detroit home, Chase and Liberty will be providing mortgage and rehabilitation assistance to individuals with low credit scores (i.e., 600). Homes that are purchased through the Detroit Land Bank can receive down payment assistance for as low as 3% on Detroit homes. This is an additional phase added to the initial $100 million investment J.P. Chase Morgan provided Detroit for economic development, back in May of this year.
The down payment assistance program will hold $300,000 to help those who work with Liberty Bank. Those who are eligible, can obtain up to $10,000 in assitance towards a down payment on a Detroit home. Likewise, these residents must use this home as their primary living arrangement, be a resident of Detroit, engage in housing counseling activities, and show efforts towards repaying the loan and complying with auction guidelines. The restoration efforts and auctioning through J.P. Morgan Chase has initially focused on the neighborhoods of Boston-Edison and East English Village in Detroit, but will quickly be expanding.
What Does Detroit's Mayor Think Of This
Detroit Mayor Mike Duggan has engaged in the J.P. Morgan venture with Liberty Bank, speaking out in advocacy of the mortgage and rehabilitation plan, across the state of Michigan. In a recent interview, Duggan state, “You’d think it would be easy to get a loan, right? But getting a mortgage has been almost impossible.” He added that while banks are hesitant to get in the water with remodels and restoration projects in Detroit, Duggan explains, “My hope is the other banks in town will now follow Chase’s lead.”
Leaders all across Metro Detroit have been promoting this new venture, in hopes that as many eligible individuals with the desire to improve themselves and the city, will participate. This major deal between J.P. Chase Morgan and Liberty Bank has set a new standard for renovating and remodeling the city of Detroit, and all discussions have remained hopeful and positive. Moving forward into the future of Detroit and it’s emergence from Chapter 9 bankruptcy, efforts made by local companies such as Liberty Bank, and outside influence from corporations such as J.P. Chase Morgan, can potentially bring Detroit back to the economical powerhouse it once held.