In one week, the State of Michigan under the Michigan State Housing Development Authority (MSHDA) will begin offering up to $25,000 to homeowners, as long as they pay 1% of the total cost and live in it.

Landlords or speculators aren't eligible, but this is a perfect opportunity for people interested in purchasing a fixer-upper in Detroit as a first-time home project. Now really is the best time to approach any kind of project requiring re-insulation and re-roofing, at least while the snows and rains are kept at bay by the summer heat.

The $25,000 per homeowner is part of a $263 million grant given to Michigan and other states under 2008's Housing and Economic Recovery Act. The funds are intended to help buyers bring trashed properties up to code, according to Mary Townley, a director with the MSHDA.

A couple of artists' families have already begun purchasing homes for $100 and $600, with the goal to rehabilitate the North Detroit neighborhood dubbed "BanglaTown." (You can browse BanglaTown foreclosures, located in or around the 48212 zip code, right here on RealtyStore.com.)

In addition, these artists' families are restoring their extremely low-priced fixer-uppers with energy-efficient parts and systems, and are thereby going to make tons of cash from the IRS next April from all the tax savings involved in "going green". Imagine how much you'll make if you follow their lead and apply for the State's grant...

Source CNN.com