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JPMorgan Chase unveils Detroit loan program

A sign outside the headquarters of JP Morgan Chase & Co in New York, September 19, 2013. REUTERS/Mike Segar
A sign outside the headquarters of JP Morgan Chase & Co in New York, September 19, 2013. REUTERS/Mike Segar

DETROIT (WKZO) -- JPMorgan Chase reveals details of a program to help Detroit home buyers and home owners.

According to the announcement, the company is partnering with Detroit's Liberty Bank in a 5.5-million dollar plan to offer loans for home restoration and down payment assistance. These loans will be made available to those buying houses in the city through the Detroit Land Bank Authority's auctions.

The initial phase of the loan program will target the Boston-Edison neighborhood when the first auction takes place on July 28th.

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