Rehabbed and Ready
Rehabbed & Ready makes it possible for both current and aspiring Detroit residents to purchase move-in ready homes.
Starving Electrician is proud to be an Authorized Service Provider with The Home Depot, and electrical contractor working on Rehabbed and Ready projects in Detroit: a public-private campaign to renovate homes, increase occupancy and bring pricing stability to Detroit’s neighborhoods.
Through the sale of the renovated homes, which will be conducted on the Detroit Land Bank’s auction website (BuildingDetroit.org), the program will provide the necessary recent home sale comparisons appraisers need to conduct proper home valuations that are essential to a healthy, thriving housing market.
“The Rehabbed and Ready program will make home ownership in Detroit accessible to more people by giving them the opportunity to purchase a Land Bank home that’s move-in ready,” said Mayor Mike Duggan. “But more than renovating 65 homes, this initiative will provide opportunity to thousands of homeowners in the surrounding neighborhood, as it will allow more accurate appraised values which will generate home financing in the area.”
Through Rehabbed and Ready, the Detroit Land Bank will provide vacant homes in need of repair. Quicken Loans will provide a $5 million grant/funding, as well as offer financing for the properties to qualified buyers, while The Home Depot, with help of local contractors, is renovating the homes.
The $5 million grant/funding from Quicken Loans will be used, in part, to finance the renovations made to each of the homes. Part of the funding will be used as a backstop to replenish the renovation fund in the event a home sells for less than the construction costs. In addition, funds have been allocated to eliminate blight in the neighborhoods near the Rehabbed and Ready homes.
“The neighborhoods of Detroit are already starting to turn around. Blighted homes are being removed at a record pace. Other homes are being renovated and we have even seen residential new construction in neighborhoods get underway for the first time in decades,” said Dan Gilbert, Chairman and Founder of Quicken Loans. “The Rehabbed and Ready program adds another critical component to neighborhood revival as it addresses the critical issue of rebuilding the market so appraisal values can be rationalized to allow financing to come back to the housing eco-system in Detroit.”
Rehabbed & Ready is the latest tool in the successful blight elimination efforts that the City of Detroit has undertaken to revitalize the neighborhoods.
Rehabbed and Ready at a Glance:
-Homes will be auctioned to the highest bidder, with minimum bids set at a percentage of the homes’ rehabilitation investment.
-Each home will be auctioned at www.buildingdetroit.org, to owner-occupants. Investors cannot purchase these homes.
-Open houses will be held the weekend before the homes are auctioned.
in collaboration with
Our latest Community Development Project.
This is one of many projects we do to help support the the disadvantaged city's in and around detroit. This project is a 1920's 3200 square foot house converted into four units for student housing.
The old knob and tube wiring was removed to provide save updated electrical. The units are all electrical from the water heater and stove to the heating. We're install energy efficient appliances along with LED lighting. We have found that college students tend to be more environmentally conscience so we hope to accommodate all of their needs.
We are also involved in the rehabbed and ready project.
This project is spearheaded and partnered by Home Depot, Quicken Loans and Dan Gilbert as well as the Detroit Land Bank and Detroit Mayor Duggan.
We completely re wire The homes that the Detroit land bank deems
Salvageable as well as sellable to the public.
After the homes are salvaged they are up for auction and if there are any shortfalls with the price Quicken loans has set up a 5 million dollar fund to cover them.
This means for example, a home was rehabbed recently and it sold for $55,000. the cost to rehab it was $70,000. We are so proud to take part in a project that cares so much for the community that Quicken loans not only puts up the cash for the overages but they structure their loan process to help the people of detroit become home owners.
Electric City, Inc.
Provides free electrical fire hazard renovations
and repairs to those who need it most.
Also providing on the job as well as classroom
training for our Veterans seeking a career.
We are proud to be part of Electric City, Inc. helping
Michigan's elderly, disadvantaged, disabled, and our Veterans.
Many times we have been called to do a service call because someone has smelled something burning or the lights are flickering. This is an early indication that they are on the verge of an electrical fire. Unfortunately what the homeowner feels is a quick fix, is really much more than that and they need major electrical renovations. For many of the people of Detroit and distressed areas, the people simply cannot afford the repairs that can save their lives, and as a contractor we cannot do the work for free; so were forced to leave these families with the thought that they may not live another day with these dangers.
This is why Starving Electrician has partnered with Electric City to be able to perform these repairs and help the people of Michigan who need it most.
Please visit www.ElectricCityInc.org to learn more.