A massive investment announced by Detroit businessman Dan Gilbert, as he is putting up $500-million to improve Detroit neighborhoods. The investment will be made over the next ten years. Gilbert says the first $15-million will be used to help homeowners pay back property taxes.
“It was very clear to us that it was property taxes that caused the majority of the blight in Detroit and the vast majority of citizens at one point were in tax foreclosure,” said Gilbert. “With interest and penalties, that debt kept building and in some cases to more than they owed on the mortgage and people would walk from the houses because they just couldn’t afford it anymore.”
The money should be able to help 20,000 homeowners.
