A new program in Detroit is aimed at enticing police officers to move from the suburbs to the city by offering them the opportunity to buy a vacant house with a down payment of only $1,000.

Known as Project 14, the program offers police officers historic homes that are appraised at $40,000 to $80,000 in Detroit’s Boston-Edison and East English Village neighborhoods.

Officers who buy into the program also may be eligible for up to $150,000 in federal grant money to renovate the home.

Officials say Project 14 was partially created to get more police officers to live within the city limits, which is seen as a deterrent to crime. The program was also created to help fix up foreclosed, abandoned homes that have battered Detroit's housing market.

In a separate move to attract more residents, Detroit also is offering an incentive to get college graduates to move closer to their jobs. The program, Live Midtown, offers $2,500 cash toward apartment costs for new renters and up to $25,000 in forgivable loans for new home buyers.

Source: Detroit to Cops: Buy a House for $1,000 Down,” Todayshow.com (Feb. 16, 2011)