Public Media from Michigan State University

New mortgage program helps Detroiters close “appraisal gap”

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Officials hope the Detroit Home Mortgage Program will boost ownership in the Motor City.
Courtesy photo

Current State talks with Frank Altman of the Community Reinvestment Fund about the Detroit Home Mortgage Program.

Few places in America were as hard hit by the housing foreclosure crisis as the city of Detroit. In many of the city’s neighborhoods, home sales are so low that many would-be buyers cannot get financing to purchase a home. But a new program in the city hopes to turn that around.

The Detroit Home Mortgage Program is designed to boost home ownership by offering a mortgage package that helps buyers close the gap between the cost of the home and its appraised value. It’s a collaboration between five major banks, the state of Michigan, the Kresge Foundation, the Ford Foundation and the Minneapolis-based Community Reinvestment Fund.

Current State talks about the Detroit Home Mortgage Program with the president and CEO of the Community Reinvestment Fund, Frank Altman.

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Kevin Lavery served as a general assignment reporter and occasional local host for Morning Edition and All Things Considered before retiring in 2023.