FirstMerit Creates Sustainable Home Purchase Program with Detroit Land Bank and Cody Rouge Community Action Alliance

SOUTHFIELD, Mich., Nov. 5, 2014 /PRNewswire/ -- FirstMerit Bank (Nasdaq: FMER) announced today that it has taken additional steps in the revitalization of Detroit's Cody Rouge neighborhood with the creation of a program that will help the Cody Rouge Community Action Alliance (CRCAA) purchase two homes from the Detroit Land Bank at a discount, rehab those properties with the help of Life Remodeled and sell them at full market value. Profits from the sale of the rehabbed homes will allow CRCAA to purchase additional properties, making the program sustainable. Funds from the Skillman Foundation will help pay for the rehab program and Life Remodeled volunteers will do the work.

"The exciting rebirth of Detroit is built on the health of neighborhoods like Cody Rouge," said Sandy Pierce, vice chairman of FirstMerit Corporation and chairman and CEO of FirstMerit Michigan. "Working together with the Detroit Land Bank, Life Remodeled and the Skillman Foundation, we are pleased to continue providing opportunities for Cody Rouge and its residents to achieve a bright financial future. Improved health of one community can have very positive ripple effects in surrounding areas, helping to spread growth throughout Southeast Michigan."

Additionally, FirstMerit will help current, qualified homeowners refinance their homes even if they are delinquent in property tax payments (including water bills) as long as they are not in property tax foreclosure. Using grant dollars from FirstMerit and Skillman, homeowners can bring property taxes current as well as take equity out of their homes for repair and renovation projects.

Beginning November 8, FirstMerit is offering a four-week education program, covering such topics as home repair, mortgage assistance, delinquent property tax assistance, homebuyers education, financial education and refinancing. Those finishing the four-week course will be eligible for mortgage and refinance financing.

In August, FirstMerit announced its partnership with Skillman in a program providing financial assistance to Cody Rouge home buyers.

About Skillman Foundation

Created in 1960, The Skillman Foundation is a private philanthropy committed to improving meaningful graduation rates in the Detroit region, so kids are ready for college, career, and life. The Foundation has assets of nearly a half-billion dollars, with an annual grants budget of $17 million. The Foundation works to achieve its goal by investing in community leadership, neighborhoods, safety initiatives, high-quality schools, social innovation, and youth development.

About Cody Rouge Community Action Alliance

The Cody Rouge Community Action Alliance is a planning and organizing entity rooted in the far west side of Detroit. Our mission is to revitalize and sustain a healthy community where residents have access to and promote a high quality of life.  Cody Rouge approach to revitalization is comprehensive including economic development, community development, youth development, and  community education.  We are the home of 35,000 residents.  Our newest initiative is the Cody Rouge ERA (Entain, Retain, and Attract) residents and businesses to our community. 

About Detroit Land Bank

The Detroit Land Bank Authority is a public entity created specifically to tackle the huge surplus of vacant, abandoned, and foreclosed property in the city and return them to productive use. The Detroit Land Bank Authority and the City of Detroit are working in partnership to eliminate blight in Detroit in order to stabilize neighborhoods and improve quality of life for Detroit residents.

About Life Remodeled

Life Remodeled is a non-profit organization that exists to remodel lives – one neighborhood at a time. We use holistic strategies to make dramatic and immediate impact in communities and to establish foundations for long-term sustainable growth and development. Each summer, Life Remodeled overhauls a Detroit Public School to help create academic and athletic improvements and to help restore the school as a source of pride within the community. Additionally, we partner with local residents to remove blight in the surrounding area and create safe and inspirational pathways to the school, building up and sustaining a neighborhood that radiates hope to the rest of the city. 

About FirstMerit Corporation

FirstMerit Corporation is a diversified financial services company headquartered in Akron, Ohio, with assets of approximately $24.6 billion as of June 30, 2014, and 379 banking offices and 412 ATM locations in Ohio, Michigan, Wisconsin, Illinois and Pennsylvania. FirstMerit provides a complete range of banking and other financial services to consumers and businesses through its core operations. Principal affiliates include: FirstMerit Bank, N.A., FirstMerit Mortgage Corporation and FirstMerit Title Agency, Ltd. For more information, visit us at firstmerit.com.

FirstMerit Corporation
Rob Townsend
Media Relations Officer
Phone: 330.384.7075

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SOURCE FirstMerit Corporation

Related Links

https://www.firstmerit.com

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