Comerica Bank Announces Tax Assistance Loan Fund

Capitalized by Comerica Bank and managed by the Michigan Interfaith Trust Fund, the $500,000 revolving loan fund will provide loans through 2010 and target eligible Detroit homeowners living within the City of Detroit's NEXT Detroit Neighborhood Initiative focus area (East English Village, Osborn, North End, Brightmoor, 7 Mile-Livernois, and Grand River-Greenfield).

"Comerica does not originate, buy or invest in sub-prime lending, but we have a longtime commitment to Detroit and preserving homeownership is critical to our city's future," Ogden said. "The NEXT Detroit Neighborhoods Initiative area has been targeted because it is a focal point for neighborhood revitalization within our city and we share that vision."

Wayne County Treasurer Raymond J. Wojtowicz said: "Wayne County families need help during these tough economic times, and we are committed to helping them and to preserving homeownership in Detroit and Wayne County.

"We welcome and applaud Comerica for partnering with us in our commitment. Comerica has made a strong statement of what can be accomplished by working together to help families survive during these tough times. I sincerely hope other institutions can respond in a similar manner."

A nonprofit organization, the Michigan Interfaith Trust Fund (MITF) provides loans and technical assistance for affordable housing and economic development throughout Michigan. The MITF will be responsible for:

-- seeking eligible applicants for the Comerica Tax Assistance Loan Fund;

-- receiving applications from homeowners;

-- reviewing applications to determine eligibility;

-- making funding decisions;

-- preparing loan documents;

-- closing loans; and,

-- servicing loans following closing.

"Our top priority is to assist homeowners within our target area who need help the most," Ogden said. "That is why we value our partnership with the Michigan Interfaith Trust Fund, which has a proven track record for promoting viable and vibrant neighborhoods."

Christine Coady, president and CEO of the Michigan Interfaith Trust Fund, said: "The Trust Fund is excited to help Comerica preserve homeownership in Detroit and strengthen healthy neighborhoods. We will pair tax relief loans and financial education training from our partners so that homeowners can keep their homes and avoid future problems." -- Comerica Bank