Detroit Foreclosure Investors

Did you know that Sherwood Forest is recognized by the state of Michigan as a local historic district? Historic designation helps preserve the character of our neighborhood and the value of our homes for generations to come. It also means certain restrictions on renovation projects, in order to maintain this distinctive character.

Sherwood Forest has been a proud part of Detroit’s heritage since 1917.  The neighborhood is known for its architecturally distinctive homes, its quiet, winding streets, its convenient city location and its talented and friendly residents.  Most of the approximately 435 homes were built in the 1920’s and 1930’s.

The good news is that Sherwood Forest residents are eligible for a 25% tax credit for rehabilitation expenses when they follow the guidelines. That’s a tax CREDIT, not a tax deduction—meaning that, for example, $40,000 in eligible work means a $10,000 rebate!

Eligible expenses include both exterior and interior projects (even kitchens and bathrooms), and must amount to at least 10% of the home’s SEV. (SEV means “State Equalized Value,” which is roughly 50% of the home’s true market value—thus, for example, on a $200,000 house the SEV should be $100,000 and the eligible work would have to equal at least $10,000.) Work must be approved by the State Historic Preservation Office.

You can find out much more about the program here:
http://www.michigan.gov/documents/hal/mhc_shpo_09_Brochure_272401_7.pdf