FLINT, Mich.-Dort FCU, which typically pays a big special dividend or makes some other grand gesture for the holidays, is giving away two homes it acquired through foreclosure.
Two modest homes in Flint Township and Mt. Morris Township will be given away to two families in need of affordable housing under the credit union's "Home for the Holidays" giveaway.
The winners will own the house outright and will be required to sign what is known as a forgivable mortgage, which means if they sell the house after one year they only get 25% of the proceeds, and 50% after two years, up to four years. The winners will be selected by a committee and must be able to afford upkeep and taxes on the property and must be area residents-and cannot earn less than $17,000 or more than $35,000 a year.
Applications will be available through Nov. 25 and the winners be chosen on Dec. 21, four days before Christmas.
