Bank of America Announces Housing Partnership With City of Detroit

Detroit Mayor Dave Bing and Bank of America BAC Chief Executive Officer Brian Moynihan today announced that the bank will open two customer assistance centers in the Detroit area to serve mortgage and other credit customers who are facing financial difficulty. This follows a three-day mortgage loan modification expo at Cobo Hall that attracted 1,400 customers for face-to-face mortgage counseling earlier this month. The bank also announced a unique partnership to support the “Project 14” initiative for affordable homeownership by law enforcement officers within the city. Bank of America will donate and refurbish 10 vacant homes for that program. Also working close with the city's objectives for neighborhood redevelopment, Bank of America and the city will identify up to 100 low-value and vacant properties for demolition. The bank will donate the land to the city for green space, urban farming or redevelopment.