DETROIT, June 16, 2017 /PRNewswire/ -- Comerica Bank today announced it will invest up to $5 million in Detroit Home Mortgage which is managed by Community Reinvestment Fund, USA (CRF). Comerica also plans to become a participating lender in the program in the future, at which time prospective Detroit home buyers will be able to apply at Comerica for financing through Detroit Home Mortgage.
Detroit Home Mortgage was introduced last year to help solve Detroit's appraisal gap problem. With Detroit housing appraising at a lower value than the acquisition and renovation price, prospective home buyers have had difficulty financing their purchase of Detroit homes. The program allows borrowers to obtain a second mortgage to help fill that gap.
Comerica's commitment to invest in Detroit Home Mortgage builds on the bank's $3 million investment in its banking center network in and around downtown Detroit. Earlier this year the bank announced plans to open new locations, relocate offices and sell offices to make way for new developments downtown.
"It's been inspiring to watch the transformation of downtown Detroit over the past several years," notes Michael T. Ritchie, president of Comerica Bank-Michigan. "Detroit Home Mortgage is helping to push that revitalization out into the neighborhoods and we're proud to support that effort through our investment in Detroit Home Mortgage."
Detroit Home Mortgage was developed through the collaboration of government, local banks, foundations and nonprofits and is designed to make it easier for prospective buyers to finance a Detroit home. According to Crain's Detroit Business, less than 20 percent of Detroit home purchases last year were financed with mortgages. The Detroit Home Mortgage program aims to increase that percentage, thereby increasing homeownership in the city. A list of lenders participating in the Detroit Home Mortgage Program can be found at http://www.detroithomemortgage.org.
About Community Reinvestment Fund, USA (CRF)
Founded in 1988, Community Reinvestment Fund, USA (CRF) is a national non-profit organization with a mission to empower people to improve their lives and strengthen their communities through innovative financial solutions. A leading Community Development Financial Institution (CDFI), CRF develops products and services aimed at increasing the flow of capital to historically underinvested communities across the country. CRF has injected more than $2.2 billion to help stimulate job creation and economic development, provide affordable housing, and support community facilities. For more information, visit www.crfusa.com.
Comerica Bank is a subsidiary of Comerica Incorporated. Founded in Detroit in 1849, Comerica continues to invest in Michigan, including the multi-million dollar restoration of Comerica Bank Center, its Michigan Market headquarters in downtown Detroit. For generations, Comerica Bank has been making a positive difference in the lives of Michigan residents, helping its customers be successful and providing financial assistance to help charitable organizations meet their diverse goals. Ranked No. 2 in deposit market share in Michigan, Comerica's naming rights agreement for Comerica Park helped support this jewel in Detroit's downtown revitalization plan. Comerica Incorporated (NYSE: CMA) is a financial services company strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. To find us on Facebook, please visit www.facebook.com/Comerica. Follow us on Twitter at @ComericaCares.
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SOURCE Comerica Bank