The Huffington Post
Bank of America, the country's largest bank by assets, has announced an initiative to demolish one hundred abandoned Detroit homes currently under the bank's ownership, a task that CEO Brian T. Moynihan says will "help 'right-size' the city," according to the Detroit Free Press.
The bank, which estimates the costs at $1 million, says the land plots will be donated to the city "for green space, urban farming or redevelopment."
Bank of America also plans to donate ten renovated homes to Detroit police officers willing to move into one of Mayor Bing's two designated-need neighborhoods, Boston-Edison and East English Village. Mayor Bing hopes to draw police officers -- and eventually firefighters -- back into the neighborhoods they service. Many have left for the suburbs since a bill ended residency requirements for officers in 1999.
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