Grandmont Rosedale Development Corp. has sold one of the three homes it constructed this year, and a new program means that potential buyers of the two remaining now have even more incentive to do so. In partnership with the city, the organization is now able to offer buyers up to $60,000 of down payment assistance towards purchasing a home. "Someone that could get a mortgage for $55,000 could potentially buy one of these homes," executive director Tom Goddeeris says. "It opens up the possibility."
The homes, located at 16823 and 16839 Stahelin, are
1,300 square feet and have three bedrooms, 2 1/2 bathrooms, full basements, attached garages and appliances. They are also Energy Star certified because of their efficiency, including thermal windows and extra insulation.The construction cost of each home cost $180,000, and the starting sales price is $110,000 before the down payment assistance. Subsidies were provided by City of Detroit HOME funds and
Community Development Block Grant dollars and the Development
Corporation of Wayne County. Construction loans were provided by the Michigan Interfaith Trust Fund and Detroit LISC. Source: Tom Goddeeris, GRDC
Writer: Kelli B. Kavanaugh
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