Partnership between Quicken Loans and Detroit housing assistance org prevents 80 foreclosures

Several fascinating partnerships have emerged in recent years to address some of Detroit's problems. We wrote about the Equitable Internet Initiative, a partnership between community groups, a foundation, a grassroots technology organization, and an internet service provider to deliver internet to Detroiters lacking access. 

Another surprising partnership has been struck, this time to prevent displacement from foreclosure. 

The Quicken Loans Community Investment Fund (QLCIF), city of Detroit, and United Community Housing Coalition (UCHC) have developed a program that will result in 80 tenants of foreclosed homes the ability to purchase the house for between $2,500 and $5,500.

Proceeds from these purchases will go to UCHC, an anti-foreclosure advocacy nonprofit, for further tax foreclosure outreach efforts. QLCIF donated $300,000 towards the effort. 

"The occupants of these homes were in a precarious situation because their landlords failed to pay property taxes, putting them at risk of eviction after the foreclosure auction," said Michele Oberholtzer, UCHC Tax Foreclosure Prevention project coordinator, in a press release. "Empowering these tenants to become homeowners achieves two important goals: residents are able to affordably start building equity in their home and neighborhood, and homes remain occupied."
[Read more about UCHC in our article about Detroit organizations helping prevent foreclosures]
The 80 future homeowners were determined suitable based on three criteria: no outstanding warrants, passed HUD home inspection, and ability to pay up to $5,500 for the home. 

QLCIF and UCHC began collaborating in May this year to reach out to as many tenants of tax-foreclosed homes as possible. They contacted 3,300, and 2,100 avoided tax foreclosure, according to Quicken Loans.
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