Earlier this year, Forbes ranked
Detroit's real estate market as the most undervalued in the nation. The report cited the city's low housing prices and the prospect of increased development as reasons for Detroit's recent real estate boom.
Discussions about Detroit's ripe real estate opportunities are often geared toward affluent outsiders and metro Detroiters who can afford to take on the financial risk of buying and rehabbing a home. But what about the long-time Detroiters who wish to keep their properties in good shape and avoid displacement?
In October, the North End's Vanguard Community Development Corporation
, an economic equity and racial justice-focused nonprofit, prevented 24 low-income family homes, collectively called Melrose Square, from going into foreclosure.
"Vanguard is so very pleased to be able to preserve these homes for low-income families; especially given that the homes are located within the greater Downtown Detroit footprint," says Pamela Martin-Turner, CEO of Vanguard. "It is important for people of modest means to be able to remain in their neighborhoods and to enjoy the benefits of Detroit's new economic boom."
Built in 2006, the Melrose Square homes are just north of Grand Boulevard on Melrose and Cameron streets. Vanguard has been working to secure financial support since 2015 and were able to start making capital improvements with grants of $965,000 from the city of Detroit and $700,000 from IFF.
Rehabilitation efforts which include improvements on the roof, insulation, landscape, exterior appearance, concrete repair, and exterior lighting will continue through July 2018.