FirstMerit Bank partners with Detroit Land Bank on new program

first bankFirstMerit Corporation announced today that it has introduced a down payment assistance program for  homebuyers in the City of Detroit in partnership with the Detroit Land Bank.
FirstMerit will grant up to $30 thousand for down payment or renovation to qualified applicants buying or fixing up homes purchased from the Detroit Land Bank. The purpose of the grant is to cover the cost between value of the home and the total acquisition cost.
The Detroit Land Bank is a public entity that acquires, holds, manages, develops and disposes of vacant and abandoned properties. Assisting home buyers who want to purchase homes from the Detroit Land Bank helps stabilize  neighborhoods and eliminate blight, improving the quality of life for Detroit residents.
“FirstMerit sees the purchase and renovation of these homes as an investment in the City of Detroit,” said Sandy Pierce, Vice Chairman of FirstMerit Corporation and Chairman and CEO of FirstMerit Michigan. “For those homebuyers who qualify for our down payment assistance program and stay in the home for five years, this debt will be forgiven. We want to encourage long-term commitment to our Detroit neighborhoods.”
“The Detroit Land Bank is thrilled to partner with FirstMerit on a homebuyer assistance program,” said Erica Ward Gerson, Board Chair of the Detroit Land Bank Authority. “So many people would love to buy and renovate these great houses in Detroit, if only they had some help with the down payment, or a little help with the renovation costs. Removing these hurdles will help rebuild Detroit neighborhoods, and make homeownership a reality for a lot of wonderful families.”
FirstMerit also is partnering with National Faith HomeBuyers to provide individuals and families utilizing the down payment assistance program with home buying counseling and financial education resources. Program participants are required to complete a financial literacy course for which FirstMerit will cover the cost.
Interested parties should contact the FirstMerit branch at 3663 Woodward Ave, Detroit, or call 313-494-3285.

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