Chase Donates $1M to Cover Down Payments on Vacant Detroit Homes

The ""JPMorgan Chase Foundation"":http://www.jpmorganchase.com/corporate/Corporate-Responsibility/corporate-philanthropy.htm is making a $1 million grant to help about 70 police officers and city employees move back to Detroit over the next two years.

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City workers will receive money for a down payment on vacant homes in two ""Detroit Works"":http://detroitworksproject.com demonstration neighborhoods, an initiative started by Mayor Dave Bing to strengthen Detroit's communities by bringing city employees into the areas where they work.

Police officers also can qualify for assistance to purchase homes in ""Project 14"":http://detroitworksproject.com/2011/08/18/detroit-police-officers-migrate-back-to-city-with-project-14/ neighborhoods, which allows law enforcement officials to purchase homes in the communities they protect at very affordable prices.

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Enterprise Detroit will work with neighborhood community development corporations to distribute assistance funds to qualified buyers.

""Chase will strengthen Detroit's solid neighborhoods by encouraging more police officers and city employees to return to the city and helping them qualify for mortgages,"" said Sarah McClelland, president of Chase in Michigan. ""We all benefit when committed citizens move into vacant homes and revitalize neighborhoods.""

With Chase funding, the program will provide $25,000 in down payment assistance for the first 10 Detroit police officers who qualify for a home purchase of a vacant home.
Up to $15,000 will be awarded to help an additional 60 Detroit police officers and city employees purchase a vacant home. The grant can be up to 20 percent of the home's purchase price.

Twenty percent of the assistance will be forgiven each year the buyer is in the home. The entire grant will be forgiven after five years.

""Chase has designed the program to attract police officers and city workers and ultimately draw other new residents to Detroit,"" said Kim Davis, president of the JPMorgan Chase Foundation. ""This project is an excellent example of Chase's commitment to building vibrant communities.""