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Detroit home renovation program to get $5M injection

DETROIT (AP) — Detroit and the Rocket Community Fund are contributing $5 million to a program that renovates houses and provides better access to financing for existing and potential homeowners. The funding announced Thursday is expected to add at least 200 homes across 10 Detroit neighborhoods to the Rehabbed & Ready program, which turns blighted single family homes owned by the Detroit Land Bank Authority into move-in ready ones. The $2.5 million from the Rocket Community Fund will finance renovations and help cover the gaps between construction costs and the sale prices of homes. The Rocket Community Fund is the philanthropic arm of Detroit-based Rocket Companies. It founded Rehabbed & Ready with an initial $5 million investment.

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