What Detroit Can Learn From Other Cities’ Home Repair Loan Programs
After 10 years and just $16.7 million in repairs — a sliver of what’s needed to fix Detroit’s aging homes — a city-backed home repair loan program is shut down for an overhaul.
That means one fewer option for homeowners desperate to fix leaky roofs and ancient plumbing — even as Mayor Mary Sheffield’s new administration said it plans to prioritize home repair.
A revamped loan program could play a key role in helping the tens of thousands of Detroiters who live in substandard housing. Private credit is one of the few funding sources with the potential scale to meet residents’ profound needs — if city leaders move aggressively to make loans more accessible.