Fannie Mae, Detroit Land Bank Authority partner to stabilize neighborhoods

Foreclosed properties will go to the Land Bank, which will determine the best use for the community.

December 04, 2014

Peter Fabris, Contributor

Fannie Mae and the Detroit Land Bank Authority will work together to help stabilize neighborhoods hard-hit by foreclosure. Under the agreement, Fannie Mae will sell foreclosed properties to the Land Bank for a small fee, and help pay for the demolition of certain properties. The agreement allows the Land Bank to determine the best uses for land and property for the benefit of the local community.

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