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    18
    Feb
    2011
    8:16am, EST

    Detroit to cops: Buy a house for $1,000 down

    Paul Sancya / AP

    So many homes in Detroit are vacant that wrecking crews have been knocking them down.

    By Laura T. Coffey, TODAY

    Bringing a blighted, crime-ridden neighborhood back to life is never easy. This challenge has been tackled in Baltimore, Boston, Cleveland, Philadelphia and elsewhere, and now Detroit is in the spotlight for its dramatic urban-resurrection efforts.

    Detroit Mayor David Bing this month unveiled a program aimed at enticing police officers to relocate from the suburbs to the city they serve. Dubbed Project 14, the program allows officers to buy vacant houses -- many of which were abandoned after foreclosures -- with down payments of only $1,000.

    The historic homes being made available in Detroit’s Boston-Edison and East English Village neighborhoods are appraised at $40,000 to $80,000. Monthly mortgage payments, including principal, interest, taxes and insurance, are expected to fall in the $500 to $1,000 range.

    A major benefit of the program, beyond the low payments, is that officers could be eligible for up to $150,000 in federal grant money to renovate the homes. Officials hope Project 14 will provide a double-whammy of recovery by fixing up houses that sorely need help and reducing crime because more police will be present within city limits.

    Another Detroit program, Live Midtown, is offering incentives to encourage college graduates to move closer to the places where they work. Those incentives include $2,500 cash toward apartment costs for new renters and up to $25,000 in forgivable loans for new home buyers.

    Do you think these kinds of incentives are a good idea? More importantly, do you think they will work?

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Laura T. Coffey

Laura T. Coffey is a writer, editor and producer for TODAY.com. A journalist with 24 years of experience, she also has written and edited for the Seattle Post-Intelligencer, The San Diego Union-Tribune, The Prague Post in the Czech Republic, the Seattle Daily Journal of Commerce, the Peninsula Clarion in Alaska and the St. Petersburg Times in Florida. She wrote a column called “10 Tips for Keeping Your Money in Your Wallet” for msnbc. …

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You can friend Laura T. Coffey on Facebook, follow her on Twitter or e-mail her at laura@tentips.org.

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