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A Detroit program providing up to $25,000 in down payment help serves as a model for Vice President Kamala Harris' national plan, Detroit mayor says.
As many of 300 more Detroiters can apply for the next round of a down payment assistance program providing up to $25,000 to help purchase a home.
Eligible homeowners have until Dec. 11 to sign up for a 2023 poverty tax exemption and see a reduction in their property taxes.
According to an article published in the Journal of Property Tax Assessment & Administration in 2009, the increase in the use of TIF in Chicago resulted in a "substantial portion of Chicago's property tax base and the land area" being subsumed by these levy zones—"26 percent of the city's land area and almost a quarter of the total value of ...
The city issued a Strategic Master Plan in 2006. [63] In addition to increased business investment, the city's revitalization has been focused on retaining young professionals. The city has cleared a 1,200-acre (490 ha) section of land to initiate the Far Eastside Plan for new neighborhood construction and revitalizations.
The plan includes a range of programs from renovating Detroit Land Bank Authority homes to offering down payment assistance to 600 Detroiters.
In 1933 during the Great Depression, the Burroughs Adding Machine Co. lent Cobo, an accountant, to the city for six months to help it fix its troubled books. [1] He subsequently ran for and was elected Detroit City Treasurer in 1935. [1] As treasurer he helped keep tax-delinquent Detroiters in their homes through a seven-year tax payment plan.
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