We have 27 amazing opportunities for lower income households to own a home. One of our funding sources limits the income of buyers. The 27 renovated or new homes in Lansing are for folks at 50% of the Area Median Income or below. By example this is a family of 4 earning $33,000 or less. A 2 bedroom 1 bath, like new, bungalow on Comfort Street would have a total monthly payment as low as $435 (mortgage, property tax and insurance). To help prepare individuals for ownership we have set up a Home Buyer’s Club with the Center for Financial Health. Reach them at 517.708.2550 or www.centerforfinancialhealth.org.
To engage residents on the East Side of Lansing in the future potential for a 2013 Tax foreclosure we created a “Wishing Wall”. Great project!
Check out this story on WILX. Land Bank Wishing Wall WILX-TV
Money Smart Week is April 5th thru 12th , 2014. The Federal Reserve in Chicago provides the framework and we work with local government and non-profits to create the useful classes. Let me know if you see a way to help. We do have some staff assistance to help coordinate activities. Check out www.moneysmartweek.org.
he tax auctions were a great success this year. We drew in better buyers that paid almost twice as much on average as in 2012. This should be further proof of market strength.
Yesterday I closed on the 51st Land Bank home sale of the year in Lansing! Many more scheduled, so this will be a record setting year.
And yesterday was also the ground breaking for a multi-million dollar mixed use development by Gillespie Group where the Silver Dollar Saloon once stood on Michigan Avenue. Check out the story at LSJ.com or TV6 at http://www.wlns.com/story/23841217/new-multi-use-building-breaks-ground-in-midtown. Thanks to Mayor Bernero for his attendance and kind remarks. And thanks to PNC bank for another high quality branch investment in our community.
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