Restoring the grandeur to an historic neighborhood
By Heidi Ausgood
The Michigan Citizen
An historic Detroit neighborhood is in the midst of a great revitalization. Woodbridge Estates bounded by Canfield on the North and Lodge on the East, and Martin Luther King South is now offering single family homes and townhouses to what the group calls low to moderate income residents, ranging from $250,000 to $330,000.00.
Gloriane Hymon, a Mortgage Loan Officer with Standard Federal Bank, says this is a great project, in that buyers have many opportunities to purchase with CRA Loans. CRA stands for the Community Reinvestment Act, requires banks to make loans in the areas in which they serve. Ms. Hymon says her bank Standard Federal is offering financing at 100 percent. Woodbridge Estates is also located in a Neighborhood Enterprise Zone, and as result of that, homeowners are eligible to receive a 69 percent reduction on their property taxes for up to 12 years.
Todd Craft, with Residential Builders Resource says that rebuilding a neighborhood in an urban neighborhood has been a unique experience for him, in that everything needed to lend itself to the quality of life is already there, like the stores, the schools, the churches. He says of the 47 homes available, seven have already been sold and two more are on reserve. He says those who have purchased the homes did so because they want to continue to live and work in the city.
The Woodbridge Estates reflects the historic architecture of the area; the homes are three stories, with high ceilings, with a choice of ceramic and wood flooring. Located minutes from downtown and the Cultural and Medical Centers, Woodbridge Estates is in the center of it all.