Tag Archives: Detroit

Feds Aim to Stem Detroit’s Tide of Abandoned Homes

The federal government is pushing to eradicate a long-standing symbol of Detroit’s massive economic deterioration: the abandoned house. On Tuesday, the regulator of government-controlled Fannie Mae and Freddie Mac announced a pilot program that will begin in coming weeks in Detroit to keep families in their current homes through loan modifications, match distressed properties with non-profit organizations for resales and assist in building demolition.

AOL Real Estate

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Detroit: Land Bank to take on 7,900 unsold properties from foreclosure auction

Detroit has an estimated 79,000 vacant properties, and Wayne County has about 43,000 homes that are at risk of tax foreclosure and inclusion in a 2013 property auction. At the most recent Wayne County foreclosure auction — the largest in the world — the 7,900 tax-foreclosed properties went unsold despite a starting bid of just $500.  The question of what is going to happen to the 7,900 properties that did not sell in the Wayne County foreclosure auction in October appears to have been answered. The Detroit News reports that the little-known, quasi-government entity Detroit Land Bank Authority (DLBA) will be taking on the nearly 8,000 properties. The DLBA has already been using federal money to buy, renovate and sell Detroit properties on a small scale as part of the Neighborhood Stabilization Program.

Michigan Live

Novogradac & Company Promotes Eight to Principal in Offices Across the Country

Novogradac & Company LLP, a national CPA and consulting firm which specializes in affordable housing, community development and renewable energy is proud to announce the following promotions to partner: Rachel Denton in the firm’s metro Kansas City, Mo. office; Chris Key in its metro Atlanta, Ga. office; Andrea Killeen in its San Francisco office; Tyler Gibbs in its metro Detroit, Mich. office; Matt Meeker and Dirk Wallace in its Dover, Ohio office; Warren Sebra in its Portland, Ore. office; and Craig Staswick in its Long Beach, Calif. office.

Ms. Denton has completed extensive real estate appraisal coursework through the Appraisal Institute and received a bachelor’s degree in urban and regional studies from Cornell University. She has served for two years as the co-chair of the Kansas City Commercial Real Estate Women Communications Committee and will serve on the board of directors in 2013. She is also a member of the National Council of Housing Market Analysts.

Mr. Key received his bachelor’s degree in accounting from Anderson University and is a member of the Georgia Society of CPAs. He is licensed in Georgia as a certified public accountant.

Ms. Killeen received a bachelor’s degree in business economics with an emphasis in accounting from the University of California, Santa Barbara. She is licensed in California as a certified public accountant.

SFGate / PRWeb

Bankruptcy Now an Option Under New Michigan Law

A month after voters overturned Michigan’s controversial emergency management law, lawmakers last week passed new legislation that restores many of the state’s powers over distressed local governments and features a new focus on Chapter 9 bankruptcy as an early option. If signed into law by Gov. Rick Snyder as expected, the legislation will take effect in late March. The law comes as Detroit teeters on the edge of insolvency, with the municipal finance world watching to see if it will be the largest American city to file for Chapter 9. But despite the new law’s emphasis on bankruptcy as an option to deal with a financial emergency, it will likely remain a last resort for Detroit and many other local governments struggling across the state, experts said.

Bond Buyer

The Unreal Estate Guide to Detroit

Detroit: a city seemingly so deep in decline that, to some, it is scarcely recognizable as a city at all. And so, to most observers, and more than a few residents, what’s there in Detroit is what’s no longer there. Theirs is a city characterized by loss: of population, property values, jobs, infrastructure, investment, security, urbanity itself. What results is vacancy, absence, emptiness, catastrophe and ruin. These are conditions of the “shrinking city,” a city that by now seems so apparent in Detroit as to prompt not verification but measurement, not questions but responses, not doubts but solutions. What corrective responses to shrinkage reciprocally preempt, however, are the possibilities and potentials that decline brings — the ways in which the shrinking city is also an incredible city, saturated with urban opportunities that are precluded or even unthinkable in cities that function according to plan. Taking advantage of these opportunities requires us to consider the shrinking city not so much as a problem to solve but rather as a prompt to new understandings of the city’s spatial and cultural possibilities. What if Detroit has lost population, jobs, infrastructure, investment, and all else that the conventional narratives point to — and yet, precisely as a result of those losses, has gained opportunities to understand and engage novel urban conditions? What if Detroit has not only fallen apart, emptied out, disappeared and/or shrunk, but has also transformed, becoming a new sort of urban formation that only appears depleted, voided or negated through the lenses of conventional architecture and urbanism?

The Design Observer Group