|
|
|
|
|
|
 |
|
|
Detroit
Pistons
forward
Tobias
Harris
has
partnered
with
state
and
private
organizations
to
launch a
pilot
program
aimed at
making
homeownership
more
accessible
for
working
families
facing
the
city's
housing
affordability
crisis. |
|
|
Detroit
Pistons
Star
Launches
Housing
Initiative
to
Address
City's
Affordability
Crisis
New
program
offers
up to
40% down
payment
assistance
to
first-time
homebuyers
in
select
Detroit
neighborhoods
DETROIT
—
Detroit
Pistons
forward
Tobias
Harris
has
partnered
with
state
and
private
organizations
to
launch a
pilot
program
aimed at
making
homeownership
more
accessible
for
working
families
facing
the
city's
housing
affordability
crisis.
The
Tobias
Harris
Homeownership
Initiative
(THHI)
will
provide
qualified
borrowers
in
select
Detroit
neighborhoods
with up
to 40%
of a
home's
purchase
price as
down
payment
assistance,
with no
additional
monthly
payments
required.
Instead,
borrowers
will
repay
the same
percentage
of their
home's
equity
appreciation
when
they
sell or
refinance.
The
program
represents
a
collaboration
between
Harris,
the
Michigan
State
Housing
Development
Authority
(MSHDA),
Guild
Mortgage,
and
Homium,
a
financial
technology
company.
Initial
funding
comes
from
MSHDA
and
philanthropic
donations
from
Harris,
former
Pistons
teammate
Jon
Leuer,
and team
owner
Tom
Gores.
The
initiative
comes as
Detroit
grapples
with a
severe
housing
affordability
problem.
According
to MSHDA
data,
Michigan's
median
household
income
has
increased
36%
since
2013,
while
housing
prices
have
more
than
doubled
with a
101%
increase
over the
same
period.
Nearly
60% of
Detroit
households
now
spend
more
than 30%
of their
income
on rent,
effectively
pricing
many
families
out of
homeownership
opportunities.
"Homeownership
is one
of the
most
powerful
ways to
build
stability
and
generational
wealth,"
Harris
said in
announcing
the
program.
"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."
The
shared-appreciation
mortgage
model
allows
borrowers
to
qualify
for
smaller
first
mortgages
without
requiring
mortgage
insurance,
resulting
in lower
monthly
payments.
The down
payment
assistance
is
structured
as a
second
loan
that
doesn't
require
monthly
payments
but is
repaid
based on
the
home's
appreciation
in
value.
Amy
Hovey,
CEO and
Executive
Director
of
MSHDA,
praised
the
partnership's
approach.
"This
new
partnership
will
empower
Detroiters
who are
currently
locked
out of
homeownership
with
fair and
affordable
support,
delivering
housing
stability,"
she
said.
Harris's
involvement
in
Detroit
extends
beyond
his
basketball
career.
During
his
initial
stint
with the
Pistons
from
2016 to
2018, he
developed
community
ties and
supported
youth
and
education
initiatives.
He also
met his
wife, a
Detroit
native,
during
this
period.
The NBA
player
has
previous
experience
in
affordable
housing
development,
recently
securing
$46.6
million
in
financing
for a
189-unit
affordable
housing
project
in Los
Angeles
in
August
2025,
with
additional
developments
planned.
"Detroit
has
always
felt
like
home to
me—not
just
because
of
basketball,
but
because
of the
people,
the
culture,
and the
spirit
of the
city,"
Harris
said.
The
program
is
currently
accepting
applications
for
qualified
buyers
in
select
Detroit
neighborhoods.
More
information
is
available
at
thhidetroit.com.
Harris
indicated
plans to
seek
additional
funding
to
expand
the
program
beyond
its
initial
pilot
phase.
|
|
|
|
|
|
|
|
|
I
HI TECH NEWS
I
SPORTS
I
