Dan Gilbert investing $500 million to help revitalize Detroit (Wayne: foreclosure, homes)

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https://www.detroitnews.com/story/ne...ds/6994554002/

[OyCrumbler]

Guy's really putting his money where his mouth is. He's starting with $15 million to help pay off property tax debt:

The Detroit Tax Relief Fund will work through two existing efforts: Detroit's homeowner's property tax assistance program and Pay As You Stay (PAYS), under the Wayne County Treasurer's Office.
Low-income people who owe current-year taxes will be enrolled in Detroit's program.
People enrolled in the Detroit program, who have back debt are enrolled in PAYS too, which wipes out that debt.
Wayne Metro Community Action Agency will administer the Detroit Tax Relief Fund. It also administers Wayne County's property tax foreclosure relief program.
In addition to the funds, counseling is available to help keep a one-time issue from becoming a longtime problem, the Gilbert Foundation said. Wayne Metro will run that too.

That last bit is key to helping the city maintain momentum. A lot of previous policies made it so homeowners, often minority homeowners, bought homes that tanked in value but were still subjected to a potentially heavy tax burden. This simultaneously puts money in municipal coffers while helping raise a lot of people's heads above water.