Detroit Mayor Bing Announces New Funding for Housing Programs

Detroit residents will soon be able to apply for housing grants and home loan subsidies through a joint partnership of the City of Detroit and Citizens Bank. Citizens Bank is providing $1.625 million for exterior improvement grants in Detroit as part of Mayor Dave Bing's neighborhood stabilization efforts. In addition, Citizens is providing $1.5 million in a special loan program that includes preferred rates, down payment or loan closing cost assistance up to $1,000 for qualifying Detroit homebuyers or residents seeking to improve their homes. "I am pleased that Citizens Bank approached us to ensure that their contributions were aligned with our neighborhood stabilization initiatives," said Mayor Dave Bing. "We welcome them to the growing number of partners who are working with us on behalf of our city and citizens." "We are excited about this initiative and working closely with the City to administer both the grant program and loan program to help revitalize and stabilize the City and will focus on giving current homeowners the opportunity to utilize the funds for home improvement projects," said Cathy Nash, Citizens' president and CEO. Citizens Bank is part of Citizens Republic Bancorp, Inc. CRBC