The city of Detroit and Bank of America have teamed up to solve three problems at once: By enticing cops to live in urban neighborhoods, offering them refurbished homes and low cost loans, houses standing empty will be inhabited, rather than vandalized, communities will feel more secure with law enforcement nearby, and urban property values and the city's tax base will be bolstered.

Mayor Dave Bing's Project 14, launched in February, showcased its first homebuyer this week, a Detroit officer and his family, who said they love their new home.

Bank of America donated ten vacant homes to the project and refurbished the buildings free of charge. The new homeowners need to qualify for a low-cost loan and produce a $1,000 down-payment.

Ten other officers have chosen homes and hundreds have made inquiries.

With crime edging up, neighbors in the Green Acres community, where William Booker-Riggs and his family are moving, are thrilled with the prospect of living next-door to a police officer.

(READ the story w/ photos in CBS Detroit)