Skip to main content

Market Overview

Rocket Community Fund, City Of Detroit Invest $5M To Drive Neighborhood Housing Recovery

Share:
Rocket Community Fund, City Of Detroit Invest $5M To Drive Neighborhood Housing Recovery

In partnership with the City of Detroit, the Rocket Community Fund — the philanthropic arm of Rocket Companies Inc’s (NYSE: RKT) Family of Companies — announced a joint $5-million investment Thursday in the Rehabbed & Ready program.

What Happened: In a move to fuel Detroit’s pandemic recovery, empowering financial independence and wellness amongst local communities, the finance leader, along with the City of Detroit and partner Invest Detroit, committed $5 million to the Rehabbed & Ready program.

The Program Details: Through Rehabbed & Ready, the Detroit Land Bank Authority will deliver a targeted response to the artificially low values of Detroit-area properties.

In cooperation with the City of Detroit and Invest Detroit, DLBA will oversee renovations that modernize and make vacant properties move-in ready.

The DLBA plans to tap into and develop local skilled trade talent through a partnership with the Emerging Industries Training Institute.

The $5-million investment, part of Rocket’s $150-million, 10-year commitment to Detroit, will also support DLBA’s new Rehabbed & Ready to Renovate initiative, which addresses structural and mechanical repairs but offers buyers the flexibility to complete renovations on their own.

Homes are listed for sale to homeowner-occupants on the DLBA’s website and MLS.

Why It Matters: The growing Rehabbed & Ready program — a public-private partnership that renovates homes, creates new homeowners, and increases access to financing in neighborhoods that have an appraisal gap — was created alongside the DLBA in 2015.

It is directly influencing the stability and growth of neighborhoods, according to research by the University of Michigan. 

“The Rehabbed & Ready program has made affordable homeownership possible for a lot of Detroiters who may not have been up to the challenge of renovating a vacant Land Bank house themselves,” Detroit Mayor Mike Duggan said in a statement. “Scaling up this program will create this opportunity for more residents across all Strategic Neighborhood Fund neighborhoods while reducing blight and stabilizing property values.”

 

Related Articles (RKT)

View Comments and Join the Discussion!

Posted-In: Detroit Detroit Land Bank Authority DLBA Mike Duggan Rehabbed & Ready University of MichiganNews Real Estate Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com