By JAMES MITCHELL
Sunday Times Newspapers
TAYLOR – A collaboration between city officials and a property development company expects to rehabilitate about 100 foreclosed houses for sale to homeowners.
City officials approved during a special meeting July 20 a home acquisition and rehabilitation program with Realty Transition, LLC, a privately-owned local firm with a majority of its holdings in Wayne County, including 10 existing projects in Taylor along with Dearborn, Dearborn Heights, Allen Park and Southgate.
Under the terms of the agreement the city will identify and purchase tax-foreclosed properties made available through Wayne County with the program’s “land bank” funds. Realty Transition will rehabilitate the properties and sell them on the Multiple Listing Service directory.
Mayor Rick Sollars said the focus of the program was designed to promote home ownership rather than going to landlords for rental use. Resident ownership, Sollars said, is among the program’s priorities.
“We need to get away from landlords who don’t maintain properties like our residents are used to seeing,” Sollars said. “We need to avoid an increase in rental activity in Taylor’s neighborhoods.”
Sollars and council members said the program offers many benefits to the city with limited risk and cost. Similar programs have improved property values through an increase in home ownership.
The program is expected to begin with properties in the city’s north and southwest sections. An estimated $3 million in rehabilitation expenses is anticipated to be paid for by Realty Transition.
(James Mitchell can be reached at firstname.lastname@example.org.)