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FirstMerit, Detroit Land Bank, Cody Rouge Community Action Alliance team on home programme.

M2 EQUITYBITES-November 5, 2014--FirstMerit, Detroit Land Bank, Cody Rouge Community Action Alliance team on home programme


6 November 2014 -- Michigan US-based FirstMerit Bank (NASDAQ: FMER) said that it has taken additional steps in the revitalization of Detroit's Cody Rouge neighbourhood with the creation of a programme that will help the Cody Rouge Community Action Alliance (CRCAA) purchase two homes from the Detroit Land Bank at a discount, rehab those properties with the help of Life Remodeled and sell them at full market value.

Profits from the sale of the rehabbed homes will allow CRCAA to purchase additional properties, making the program sustainable.

Funds from the Skillman Foundation will help pay for the rehab program and Life Remodeled volunteers will do the work.

Additionally, FirstMerit will help current, qualified homeowners refinance their homes even if they are delinquent in property tax payments (including water bills) as long as they are not in property tax foreclosure.

Using grant dollars from FirstMerit and Skillman, homeowners can bring property taxes current as well as take equity out of their homes for repair and renovation projects.

Beginning November 8, FirstMerit is offering a four-week education program, covering such topics as home repair, mortgage assistance, delinquent property tax assistance, homebuyers education, financial education and refinancing. Those finishing the four-week course will be eligible for mortgage and refinance financing.

In August, FirstMerit announced its partnership with Skillman in a program providing financial assistance to Cody Rouge home buyers.

Created in 1960, The Skillman Foundation is a private philanthropy committed to improving meaningful graduation rates in the Detroit region, so kids are ready for college, career, and life. The Foundation has assets of nearly a half-billionn dollars, with an annual grants budget of USD 17m.

The Foundation works to achieve its goal by investing in community leadership, neighborhoods, safety initiatives, high-quality schools, social innovation, and youth development.

The Cody Rouge Community Action Alliance is a planning and organising entity rooted in the far west side of Detroit.

FirstMerit had assets of approximately USD 24.6bn as of June 30, 2014, and 379 banking offices and 412 ATM locations in Ohio, Michigan, Wisconsin, Illinois and Pennsylvania.

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Publication:M2 EquityBites (EQB)
Geographic Code:1U3MI
Date:Nov 5, 2014
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