View this article online: https://www.insurancejournal.com/news/midwest/2012/02/17/236072.htm
A published report says Detroit, Mich., has $20 million intended to demolish burned-out dwellings that’s sitting unused.
The Detroit Free Press reports that the money is part of the Fire Insurance Escrow Fund. It was created by a law requiring insurance companies to give communities about $7,000 for each burned-out house.
The money may be used to reimburse the owner for razing a dwelling or the city may use the money to tear it down.
The office of Detroit Mayor Dave Bing says some of that money is tied up in trying to get homeowners to demolish uninhabitable houses. Bing has made tearing down unsafe, vacant homes a priority of his administration.
It’s not known how much of the money could be used immediately.