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Detroit mayor offers cheap home prices to officers that move to the city

Officers that move to Detroit can buy a home for as little as $1,000 down.

Officers that move to Detroit can buy a home for as little as $1,000 down.

With Detroit's economy still in the doldrums, moving to the Motor City may not be a very enticing prospect for some. But a new initiative may be too much of a deal to turn down.

The initiative, called Project 14, is a financial incentive that Mayor Dave Bing is offering Detroit's public servants, specifically fire fighters and police officers. The deal works like this: If firefighters and police officers agree to move to the city, they will be able to buy renovated homes for as little as $1,000 down.

Detroit police and fire officials used to be required to live in the city, but that law was revoked in 1999. According to Bing, most firefighters and police officers live in Detroit-area suburbs. If officials take advantage of the offer, Bing believes it will bring greater safety and revitalization to the city and its people.

As with many other metropolitan areas, home values have dropped precipitously in Detroit. According to the Detroit Free Press, housing values have gone from $400,000 a few years ago to as low as $150,000 today.