"Borrowers can secure a conforming first mortgage without mortgage insurance, lowering monthly payments. The assistance is repaid, along with a share of market appreciation, when the home is sold or refinanced. This new partnership will help make the dream of homeownership a reality for more Detroiters, offering the kind of affordable support that leads to long-term housing stability, said Amy Hovey, CEO and executive director of MSHDA."
"We're moving quickly to identify new partners and programs that can help lower costs and unlock opportunities for Michigan families. Initial funding comes from MSHDA and philanthropic contributions from Harris, former Pistons teammate Jon Leuer, Pistons owner Tom Gores and others, directed through the nonprofit Realize Impact. Homeownership is one of the most powerful ways to build stability and generational wealth, Harris said in a statement."
"With this initiative, I'm focused on expanding access to homeownership so Detroiters can plant roots and build equity in the city they call home. This is just the start, and I look forward to working with others throughout Detroit's business and philanthropic community to grow and sustain this important program. Housing data highlights the challenge. Since 2013, Michigan's median household income has risen 36%, while the state's home sales price index has jumped 101%."
Borrowers can secure a conforming first mortgage without mortgage insurance, lowering monthly payments. Assistance is repaid with a share of market appreciation when the home is sold or refinanced. The pilot provides initial funding from MSHDA and philanthropic contributions directed through Realize Impact. The program targets qualified first-time buyers in select Detroit neighborhoods and aims to expand access to homeownership, build stability and generational wealth. Housing data shows incomes rose 36% since 2013 while the home price index jumped 101%, and nearly 60% of Detroit households spend over 30% of income on rent. Partners will evaluate results before expanding.
Read at www.housingwire.com
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