Detroit seeks $250M bond sale to wipe out residential blight
DETROIT (AP) — Mayor Mike Duggan wants Detroit voters to approve the sale of up to $250 million in bonds to eradicate residential blight across the city.
Duggan’s office says a proposed resolution seeking to put the initiative on the March 2020 ballot has been submitted to the City Council.
Duggan says he expects the bond funding to be available next year. It then would take five years to remove residential blight from Detroit neighborhoods. The bonds would be repaid over the next 30 years using existing tax revenue.
Detroit’s blight removal efforts have been funded primarily by $265 million in federal funding.
About 19,000 vacant houses have been demolished since 2014. Another 9,000 have or are being rehabilitated. Bonds and city budget allocations are expected to pay for another 19,000 demolitions.