Old Redford Neighborhood FAQs

How will the renovations affect property taxes of existing residents?

If property values rise in the Old Redford neighborhood, the State Constitution limits any increase of annual property taxes for residents to the rate of inflation, which is currently less than 1%. The City’s goal, however, is to help homeowners capture value in their existing property as the market recovers and to help interested renters become homeowners themselves. A guide to potential resources for new and existing homeowners is available: 

 How will projects that require financial subsidies be considered? Is the City committing to providing a certain level of financial support?

Proposals are expected to be financially viable and sustainable, and should clearly identify anticipated sources of funds, including any public subsidies such as HOME or CDBG that are allocated by the City. The selected developer will have the opportunity to respond to the City’s Notice of Funding Availability (NOFA), anticipated to be released late 2017. The City has not already committed any funds to this project, as the level of support will depend on the selected proposal and a specific funding application. 

 How will the land sale transactions be processed?

All of the properties included in the RFP are owned by the Detroit Land Bank Authority, and will be conveyed via quit claim deed. The transaction will be subject to a negotiated development agreement.