If there’s one thing — aside from general ineptitude — that Bank of America’s mortgage division has a surplus of, it’s abandoned and foreclosed properties. Meanwhile, the city of Detroit has a lack of police officers living within city limits. Now the city will have 10 more houses for cops to live in and BofA will have 10 fewer buildings they can’t unload.
The bank is donating the houses to the city’s Project 14 program, which sells homes to police officers as little as $1,000 down, plus up to $150,000 in grants for renovations.
Quoth BofA CEO Brian Moynihan:
The mayor has been working to address the issue of abandoned property in the city… We’re trying to address that abandoned property area and help support Project 14. We’re impressed with that project, and it’s a sound basis to help local law enforcement find affordable homes in the city. It will help stabilize neighborhoods in the process. It’s a small step, but it’s a consistent step in how we think we can help the city through the crisis.
In addition to the donated homes, BofA will demolish 100 vacant properties around the city and donate the land to the city for green space, urban farming or redevelopment. It will also open two community service centers in the city to help with mortgage issues.
This news comes too little too late for Bank of America, which trounced Citi in the first round of the Worst Company In America tournament and is a heavy favorite to make the final four.