FirstMerit Corp. has partnered with the Detroit Land Bank to create a down payment assistance program for Detroit homebuyers.
Through the program, Akron, Ohio-based FirstMerit will provide up to $30,000 to qualified applicants for down payments or renovations. The homes in question must have been purchased through the Detroit Land Bank, a public entity that acquires and manages vacant or abandoned properties.
"FirstMerit sees the purchase and renovation of these homes as an investment in the City of Detroit," said Sandy Pierce, vice chairman of FirstMerit Corp. and chief executive of FirstMerit Michigan, in a Sept. 15 news release.
"For those homebuyers who qualify for our down payment assistance program and stay in the home for five years, this debt will be forgiven. We want to encourage long-term commitment to our Detroit neighborhoods."
FirstMerit has also launched a connected program with National Faith HomeBuyers that provides participants in the down payment assistance program with home-buying counseling and financial education.
