2133 E VERNOR Detroit, MI 48207

This land offering presents a great opportunity for infill housing development in Detroit, MI. The lot is bundled with two other properties, totaling 9,306 square feet. The combined properties are offered at $41,400 and will not be sold separately. The parcel is zoned for commercial use. Interested buyers must submit an application to purchase, including construction plans or precedent architectural images of the proposed development, along with a financing plan that includes either proof of funds, a pre-approval letter, or a new construction loan. The Detroit Land Bank Authority (DLBA) is entitled to a tax capture for the five tax years following the transfer of ownership. This tax capture may not be compatible with other tax abatements available to the purchaser. The DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes to approve such requests. The payment amount will be determined after reviewing the development proforma and the effect of any tax abatement on the purchase and development financing. Additional DLBA requirements and offer submission details are available in the attached documents. The lot size is approximately 0.07 acres.