FirstMerit Bank in Akron, Ohio, has partnered with the Skillman Foundation to help residents in downtown Detroit purchase homes.
The $24-billion-asset bank will offer residents in Detroit's Cody Rouge neighborhood up to $7,500 to assist with a down payment or closing costs. Skillman will then match the bank's contribution.
"FirstMerit is pleased to partner with Skillman and play a part in the revitalization of this deserving community," said Sandy Pierce, chief executive of FirstMerit Michigan, in an Aug. 18 press release.
FirstMerit also plans to offer a "nontraditional mortgage loan" to help residents finance home improvements. Additionally, the bank will work with Skillman to provide financial literacy and homebuyer education classes.
FirstMerit operates nearly 400 offices in Ohio, Michigan, Wisconsin, Illinois and Pennsylvania. The Skillman Foundation is headquartered in Detroit.