The Associated Press August 18, 2011, 12:48PM ET

$1M grant offered in Detroit home-buying effort

The JPMorgan Chase Foundation announced Thursday that it will provide a $1 million grant to help move about 70 police officers and city workers into Detroit neighborhoods.

The funding will be used by homebuyers for mortgage down payments on vacant houses to help revitalize parts of the city, Chase Foundation officials said.

City employees will get money for houses in neighborhoods identified by the city as part of its Detroit Works program. City police can qualify for financing on homes in those neighborhoods and other areas under Detroit's Project 14 initiative geared toward officers living outside the city.

Both programs are part of Mayor Dave Bing's plans to stabilize neighborhoods.

The first 10 officers who qualify to buy a vacant house will get $25,000 each. Another 60 officers and city workers can get up to $15,000 each.

"We are restoring a sense of community and pride in our neighborhoods by encouraging Detroiters to live where they work," Bing said Thursday. "We are rebuilding homes and strengthening neighborhoods with the help of financial institutions who believe in the work we are doing."

On Wednesday, the first Detroit officer to get a home through Project 14 received keys to a house donated by Bank of America to the city. It was one of 10 homes donated by Bank of America.


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